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Original poster

Do we need life insurance?

31 replies

daisidoo · 01/12/2023 18:06

Recently married, trying for a baby. In our 20s. Renting but hoping to buy in the next few years.

Do we need life insurance in this scenario? Can anyone recommend any providers and rough monthly costs - I understand it’s circumstantial in many cases but we are active, no underlying conditions that we know of, don’t smoke etc.

OP posts:
youngones1 · 01/12/2023 22:26

anon2134 · 01/12/2023 20:13

@youngones1

@AHelpfulHand

I had to show proof of life insurance for both myself and my husband to my solicitor when I bought my house 4 years ago.

Normally it is strongly recommended but not mandatory.

DelurkingAJ · 01/12/2023 22:30

We got it when we had our first child. Before then either of us could have lived on our own salaries (we didn’t own a house at that stage) but having a child changed the landscape completely. It is expensive now we’re in our 40s but whilst we have a mortgage and dependent children I consider it essential.

Anecdote…I know two people who sadly died when their children were in primary school. Both the main breadwinners. No life insurance and it was an additional catastrophe for the surviving parent.

MumofSpud · 01/12/2023 22:35

We had a joint life insurance policy that was to pay off the mortgage if one of us died.
Also DH had a separate one
So when he died last year at least financially I wasn't doomed.
We started the policies in our 20s and he was 49.
It has made such a difference

MadridMadridMadrid · 02/12/2023 00:13

OP, it sounds like if you were to get pregnant and your DH were to die shortly afterwards, you wouldn't have enough money coming in to provide a good home for yourself and the baby, taking into account the cost of childcare to enable you to continue working. If that's the case, I think you should make sure your DH takes out life insurance. No one likes to think about worst case scenarios, but it's sensible to have insurance in place. If your DH is employed, it's worth being clear as to whether any death benefits would be payable in the event of his death in service.

TheLocust · 02/12/2023 00:42

MadridMadridMadrid · 02/12/2023 00:13

OP, it sounds like if you were to get pregnant and your DH were to die shortly afterwards, you wouldn't have enough money coming in to provide a good home for yourself and the baby, taking into account the cost of childcare to enable you to continue working. If that's the case, I think you should make sure your DH takes out life insurance. No one likes to think about worst case scenarios, but it's sensible to have insurance in place. If your DH is employed, it's worth being clear as to whether any death benefits would be payable in the event of his death in service.

It would be equally important for OP to have life insurance in that scenario, even if she was a SAHM. If anything happened to her, her DH would probably need to pay someone else to do the unpaid work of looking after the child, housework etc to enable him to continue to work.

CesareBorgia · 02/12/2023 00:49

Yes, in your circumstances, I would say you definitely both need it and I'd advise getting it all in place before you have a baby.

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