Do you have it?

[knittedbreast]

Life insurance or assurance or what ever its called?

was just reading another thread and one lady said that when you cut back you dont cut that out.

I dont know anyone who does have life insurance, do you have it?

Is it the norm?

isnt it filled with lots of holes that get the company out of paying up?

Thanks

what reasons were these?

so a company has insurable interest on an employees life but they still dont profit from it, i dont understand?

I don't as i couldn't get cover as i have a pre-existing condition.

They pay for the life insurance on your behalf. I don't know if there's any legal obligation for them to do so, but generally it's a certain multiple of your salary - it's part of your terms and conditions.

I don't know if it's even always covered by insurance, but I guess it would make sense for a company to insure themselves against having to pay out if an employee died in service.

yes meant to say i'm covered through my pension - 4 times my annual salary pay-out.

Many large companies offer life cover as part of a benefits package, like a comany car etc. Its normally in conjunction with a company pension.

Knitted, just get yourself covered - £100k for a fiver a month is a no brainer, when the policy expires in 20 years or whatever, your son will be an adult and won't need your money, just a policy to cover your mortgage ( if you had one) would be enough then.

I'm covered for £150k , DH is covered for £250k , he needs less because he is well paid and will have a good military pension, I would only get half of it if he died so I need more, especially as I only work part time and don't have much of a pension pot.

suzikettles as long as you had an insurable interest when you took out the policy (which you did) it's valid. You might check the indexes of death before you pack it in, you never know . . .

Never did when took out mortgage becsause we were young and going to live forever and could think if better things to do with the £20 - as it happens we both now have some cover with our jobs/ pensions while we have them. We remortgaged 2 years ago as well and were never asked to take it out.

Yes we have insurance. Dh is covered for the mortgage plus 2.5 years of his salary so if he dies I have the house and around 3/4 years before I have to worry about getting a job. If I die dh just gets a lump sum of £150k so that he can pay childcare while dcs are small to keep working. In a few years when dc are all at school and I hopefully get a job then we will probably change things around a bit. but I think it is vital to have and not just for me to have money if dh dies but also for my life to be insured as if I died dh would be screwed, there is no way that he can afford childcare on what he earns.

dh and I both have life insurance on our mortgage, mortgage gets paid off if either one of us dies or is diagnosed with a critical illness. We both also have death in service policies at work, dh would get 3.5 times my salary, I would get 4 times his.

I've had it since I got my first mortgage at 21, raising it in various increments as I've gone up the property (i.e. mortgage!) ladder.

I don't have critical illness, and won't ever as it's not worth the extra £ IMO.

Yes, a basic one to cover the mortgage. Also, both dh and I have 'death in service' policies.