What have you got in place, money wise, if your DP were to die?

[BigSandyBalls2015]

Not sure what got me thinking about this!

We are early/mid 50s, two 20 year old DDs, one at uni, one at home. No mortgage and an insurance policy which was taken out years ago to cover the mortgage, expires in a couple of years.

Should I renew this life assurance? Do people do that without a mortgage.

DH earns quite well. I also work but don’t earn as much and I would struggle to stay in those house and pay all the bills on my wage despite not having a mortgage.

What dues everyone else do. Hope he is around a lot longer!

[ToomuchHeat]

Death in service at 4 * salary for DH
Currently taking out additional life insurance for us both
Also have cover on the mortgage

[CosmicComfort]

DH would get death in service payment, I would get his pension which will be a decent amount.

We have savings in place for university for DS’s and we are mortgage free.

Financially I would cope but would need to work less to be there for my ds’s.

[Sisisimone]

We have a decreasing term assurance that covers the mortgage. We have massively overpaid the mortgage so it would pay the remainder of the mortgage with some left over. Also have standalone policies with cover of £500,000 for each of us. Then death in service from work and a life insurance element on my private pension.
We also have critical illness insurance covering us with a lump sum if diagnosed with serious condition- cancer, heart attack etc

[bongbigboobingbongbing]

He's got life insurance which would pay off half our mortgage immediately. I've got a "death in service" benefit at work which would be roughly equivalent.

[KrakowDawn]

Does anyone know if a death in service payment is taxable?
I was thinking of changing the beneficiary to my child, once they reach 18. DH has high enough salary to live on, but a lump sum going to my child could really help them at a crucial time (assuming I die, obviously!).

[OdetoMyFamily]

It's tax free and doesn't form part if your estate.

[SpeckledlyHen]

I am similar to some other posters and will be ok if my husband passed away. I would get an 8x salary payout which is six figure sum. An insurance payout that will pay off any existing mortgage and a generous pension, also bitcoin and other investments. Thankfully he is far more financially savvy than me.

[KrakowDawn]

Thank @OdetoMyFamily!

[MoneyWhatMoney]

No dc here. Life insurance to pay off the mortgage plus we both have a death in service benefit. If DH goes before me, I have access to our savings (joint) and his death in service benefit would buy me some time off and security.
Without the mortgage my wage would cover all bills with enough left over with savings etc.

I think if we have dc we will alter things by putting additional insurance in place.

[Mummyoply]

If either I or my husband died the mortgage would be paid off (insurance policy) we would get a very good death in service payment, the other persons pension would come to us and we would both be able to have 18months off work paid (insurance policy and with employer agreement). As some previous posters have stated we are worth more dead than alive! This would mean our savings would probably be able to remain untouched for retirement.

[CorporeSarnie]

We've just done lasting power of attorney in case one of us is incapacitated. This will hopefully enable continued access to funds and ability to operate bank accounts and similar if either of us had a stroke or a traumatic accident. Having dealt with relatives' finances when this wasn't in place, gaining grant of the court of protection is administratively more time consuming than when someone has passed away (we've had a great couple of years). We've saved and saved and have death in service but I fear one of us being bedbound more than passing away.

[LBOCS2]

We've got life insurance policies to pay off the mortgage of our main house and our BTL, plus death in service payments from our employers (mine's more generous than his though) plus his pension contributions. We'd be ok financially.