To ask your advice who to give money to from work if I die?

[FaithLoveandHope]

First off apologies, I don't actually know the official term. I've recently started a new job and they have a life insurance type scheme where if we die whilst employed there somebody gets a payment of 4 times our salary. I put it down as my parents but now I'm not so sure. DP and I have recently moved in together, still renting and unmarried. My original thought process was that if we ever bought a house (currently saving) or get married I'd change it to him. But now I'm thinking about it even with renting it would mean he would be having to pay all the rent etc on his own and my parents would end up with this rather large payout for nothing really other than my funeral. What would you do? I've never had a job with this in place before.

I did mine for my parents initially but changed it to 50/50 split between DH and DD after we married.

I don't expect my parents would have kept it, they would have set up something to benefit my niece, but I thought it would be easier for them to sort that out than it just go into trust for my niece - eg it could facilitate a house move.

That's interesting Peggy I wonder then if it's because the company offers a pension but we're not currently paying into it at the moment. We're saving every penny for a house deposit and for us that was more important right now. Once we've got the house we'll then start paying a lot into the pension scheme.

Faith I did wonder if this has come about because your workplace now offers a pension because of a change of rules.

I think they've always offered one. DP has been working there a lot longer than me and when he started four years ago they had it then. I can only assume it doesn't matter if you pay into it from the death in service benefit but only that they offer one. I've not had a job which has offered either before so I'm pretty clueless!

Death in service benefit point of view that should have said. Mumsnetting which a 4 year old around is never a good idea (DP's DD)

Mines is setup for 80% to DH and 20% to ds(12). DH will need the money to continue to raise ds, but I would also like a like a little present to go directly to ds from me.

Our death in service is not attached to the pension at all.

Personally I would give it to, to the person who depends on my wages. So since you share a house with your partner it would be him, if I was making that decision.

If I was a single parents it would be the kids.

Our death in service benefit is part of the pension scheme too. anyone not in the pension scheme doesn't get it.