Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Life insurance

43 replies

LuigiBoard · 15/01/2018 17:16

29 years old, DP and 2 DC and no life insurance. AIBU to have not started paying in to a life insurance policy already?

OP posts:
BringOnTheScience · 15/01/2018 17:18

Yes... you are!

How will the family cope if some drunk driver wipes you out tomorrow? Sort something out asap.

bordyBored · 15/01/2018 17:18

A little. It should be balanced with other provisions you've made for the 2 children though.

Sprinklestar · 15/01/2018 17:20

Depends really. Better to get it when you’re young and healthy. We have some from before DH got cancer. Wouldn’t be able to get it now. We got ours as soon as we had our first. Seemed the sensible thing to do. We also have policies through DH’s employer, both life insurance and multiple salary payouts upon death, again from the pre-cancer days. Glad we do now as it’s peace of mind for me, should the worst happen (which is likely).

artisancraftbeer · 15/01/2018 17:23

If you work you might have death in service benefit which pays out a certain amount if you die while employed. If you have this and it would be enough, you don't need a separate life insurance policy.

hevonbu · 15/01/2018 17:24

Yes, you can't get it when you're old and sick. Don't forget to look into saving for retirement when you're at it, small sums will accumulate over time (it's called interest on interest or compound interest).

grounddown · 15/01/2018 17:28

It's totally up to you. I'm a single parent and have 2 polices, a life only one which costs me £6 a month (I got £75 cashback for signing up) and a life & critical illness one which costs £25 a month. I have it for peace of mind personally.
It gets more expensive as you get older so get one whilst you are still young and presumably healthy.

AlleyKitty · 15/01/2018 17:43

Please make sure you get one with critical illness cover. Experience.

LemonShark · 15/01/2018 17:47

artisancraftbeer Anyone can get sacked or find a new job at any time. So independent life insurance is still crucial despite your death in service benefit.

BlindLemonAlley · 15/01/2018 17:52

Yes. Do you have a mortgage? If so you should at the very least have life cover and critical illness to cover this. If not then you still should get life and or critical illness to provide for your DCs while they are dependent on you and while you are dependent on each other’s income. Get some advice.

Basecamp21 · 15/01/2018 17:55

Depends. Would you leave any debts behind? Can you afford a policy that would ensure your family would be fully taken care of?

My dad died at 42 and left my Mum who had never worked with 3 children under 14.
Her pay out from insurance was enough to prevent her being able to claim any benefits but not any more. It was not worth all the money they had paid out.

Grilledaubergines · 15/01/2018 17:56

I have cover so that God forbid one of my DC has a terminal illness, I get a large pay out so that I can afford to stop working and spend time with them. That was bought on the back of a life policy.

Lots of options OP, but definitely start looking into it seriously.

Original poster
LuigiBoard · 15/01/2018 18:01

No debts. DP soon to be DH (also doesn't have life insurance) are going to be buying in the future, currently rent. Both employed and have pensions

OP posts:
Original poster
LuigiBoard · 15/01/2018 18:02

Any recommendations? If I'm honest I don't know where to begin looking Blush

OP posts:
Cantspell2 · 15/01/2018 18:15

You need life insurance as a matter of priority and get the best you can’t afford with critical illness cover. My husband died last year and I would be up shit creak without a paddle if we had not had insurance.
There is no widows pension anymore and I am entitled to only a percentage of his pension. It is hard enough losing your husband without adding money worries into the mix.

MrsTerryPratchett · 15/01/2018 18:16

Do either of you have death benefits from work?

And have you talked about who will look after your children if something happens to you?

Glumglowworm · 15/01/2018 18:23

Yes yabu

Anyone with dependents or a mortgage absolutely needs life insurance. Unless you have vast amounts of savings (like 100s of thousands)

I have death in service only but I have no partner and no DC. I have no mortgage and my only debt is student loan which is written off at death anyway.

grobagsforever · 15/01/2018 18:37

YABVVVU. Two DC and no life insurance is irresponsible.

@LuigiBoard - my fit and healthy DH died suddenly at 35, I was pregnant with DD2. Even though I was actually the higher earner I'd be absolutely stuffed without life insurance. We'd probably have the lost house. The government has just slashed benefits for widowed parents.

My life is ok. Thanks to life insurance I have no mortgage so I can afford a good standard of living and childcare from one salary. I know many other young widows. Those without life insurance lost their homes and have in many cases had to stop work due to childcare costs and move in with family. Whereas as we have been able to remain in our home and I've done stuff like take kids to Disney, away for Christmas etc and other adventures that help us survive without their darling dad.

I cannot emphasise this enough. I know many ppl whoose previously fit and healthy and young spouses died very suddenly. Accident/virus or undiagnosed conditions.

I recommend legal and general. They paid out in a week. Avoid Scottish widows- took a year to pay friend! Do it tonight

Violetrose123 · 15/01/2018 18:39

See an independent financial advisor who can access the whole market and will advise you on what you need (do not go through a bank, it will be more expensive)

KateGrey · 15/01/2018 18:41

I’m looking at this. My dh doesn’t think it’s necessary even though I care for our two disabled dc. He thinks paying £70 a month for a 180k payout is stupid but I think it’s hugely valid and needed.

grobagsforever · 15/01/2018 18:44

@KateGrey show your DH my post. Anyway you don't need his consent to insure him. Just do it, don't ask his permission. It's not 1934.

grobagsforever · 15/01/2018 18:45

We paid 26 pounds a month for 250k..you need to shop around! Seventy pounds is high!!

Crumbs1 · 15/01/2018 18:47

You usually have to have some for a mortgage. Also does work package include death in service? You should certainly be clear about how you would be affected financially if one or both of you we’re killed. Also with considering who would become the children’s guardian.

Cantspell2 · 15/01/2018 18:50

My insurance was with aviva. Very helpful at the time of claim and paid out within 7 days of receipt of the death certificate.

Grandadwasthatyou · 15/01/2018 18:53

@grobagsforever ..like you my dh died suddenly and I was left with teenage dc. Thank god he had life insurance so that at least amongst all the devastation I knew I didn't have to worry about money and uproot my dc from their home etc.

Cantspell2 · 15/01/2018 18:53

Kategrey it is not just your oh who needs insurance. Ask him how he is going to be able to work and look after 2 dc should you die tomorrow

Please create an account

To comment on this thread you need to create a Mumsnet account.

Join Mumsnet Log In

This thread is closed and is no longer accepting replies. Click here to start a new thread.