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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To get life insurance aged 30...

53 replies

sophisticatedsarcasm · 20/09/2018 21:41

My Nan passed away yesterday morning. We found out she had a life insurance policy, it’s only worth £8,000. that was more than enough to cover cost of funeral and to pay off her credit card. We weren’t aware she had it at first so the looming funeral bill would have broke the bank and my mum and uncle are not rich but they get by fine. As she was only 75 and had nothing medical to expect her to pass It made me think having life insurance is a good idea as I have 2 kids and I wouldn’t want them to bare the cost of my funeral if I did unexpectedly died. I’m only 30 but it makes me think I need to put things in place as I don’t have many savings and don’t own a house etc for kids to fall back on. I brought them into this world so the least I can do is support them if I’m gone to soon. Some people have said it’s too early for me to get it. The problem Is i struggle to get accepted due to a health condition. I’ve set it for £35,000 paying £10 a month.

OP posts:
John4703 · 20/09/2018 21:46

I'd say get it but look around at a few companies. Get the best deal that you can.
It might also be interesting to look at the cost of a pre-paid funeral, they might be cheap at your young age.

BegoneWeeds · 20/09/2018 21:48

Get it. Not too early. I wish I'd done it at 30 or even younger.

19lottie82 · 20/09/2018 21:48

If you have dependents then yes, definitely .

Original poster
sophisticatedsarcasm · 20/09/2018 21:49

I have looked around the one I went for is the only one willing to except me based on my medical issues. It was slightly more that what was quoted. It’s for 50 years..

OP posts:
StatisticallyChallenged · 20/09/2018 21:52

If you have children then it is NEVER too early to get life insurance.

Nacreous · 20/09/2018 21:54

I have £110k in life insurance: enough to pay off the mortgage. Never too early.

BackforGood · 20/09/2018 21:55

The cost of funeral is a separate issue from life insurance.
You should have life insurance to cover the possibility of you sadly passing away young - illness, accident or some other trauma. So that your dh can still pay the bills and bring up your dc.

You can pre-pay your funeral if you think there wouldn't be enough in your estate to cover it, but that is a fraction of the amount you should ideally be covering your life for, as a young woman with dependent dc.

AnalAimee · 20/09/2018 21:56

You mention medical issues so assume they're quite serious due to the cost of your policy. I say this as a comparison. I am 31 but got the policy a year or so ago and I pay 7.52 and get 250k... that's with Aviva.

LemonysSnicket · 20/09/2018 21:56

I think it's very intelligent. I would get one now at 23 but I can't afford it. I'll probably get it around 25 so those grieving get something out of it.
Also good as you don't have preexisting conditions yet

Osirus · 20/09/2018 22:00

I’ve had life insurance since I was 23 (no kids then). Life insurance is so cheap when you are young (often under £10). It’s vital I think if you have a mortgage or dependants.

SadTrombone · 20/09/2018 22:03

DH and I have had life insurance (enough to clear mortgage) and critical illness since we were in our early 20s. YANBU.

Fiffyshadesofgreymatter · 20/09/2018 22:03

I got life insurance at 28. £850,000 for 50 years. Currently pay £35 a month in premiums, but they will increase each year if the policy amount increases with inflation.

Matilda15 · 20/09/2018 22:05

I’ve had life insurance since I was 22, as soon as I got a mortgage.

My Dad died at 29 in an accident with no life insurance and I know my Mum only survived financially as my Grandad (Dad’s Dad) stepped in to pay the bills. I was only a baby so Mum was a SAHM at the time.

Never to young

Eeeeek2 · 20/09/2018 22:10

Yep I have had insurance since I had my first child, because I would want my dh to be able to survive being a single parent comfortably. But also incase dh and I both go in an accident then the children have a nest egg that would allow relatives to care for them easily. It's £8 a month for £300000 but I have no medical conditions that raise the premium.

EmUntitled · 20/09/2018 22:14

I got life insurance when I was 23 because we got married and got a mortgage. If I were to die unexpectedly, life insurance would pay for the mortgage. We upped it to include critical illness cover when DD was born. It costs a lot but is worth it for peace of mind.

user1471426142 · 20/09/2018 22:16

You are not too young at all. Anyone with kids or a mortgage should ideally have life insurance at whatever age those milestones happen (obviously for some it won’t be affordable). The younger you are the cheaper the premiums will be. My mum still has hers going as it runs until 80 but the monthly payments are basically nothing following decades of inflation so she’s kept it going.

Original poster
sophisticatedsarcasm · 20/09/2018 22:17

My DP is the main earner, he also has life insurance for £55’000. Yeah I know it’s not too much but it’s enough for him and kids to get through a couple of months. I have congenital hypothyroidism. I didn’t think that would be to much of a problem until I tried about a year ago and couldn’t find anyone that would insure me so I gave up. Funnily enough I’m with Zurich now but they wouldn’t insure me a year ago so I don’t know what’s changed. Just thankfully they have.

OP posts:
agnurse · 21/09/2018 00:40

I read years ago that the purpose of life insurance is to pay for a funeral and for the support of any dependents. So you'd need to be sure to have enough life insurance to cover that.

I do not know how it is in the UK, but here in Canada you can get life insurance on your mortgage. Hubby and I have this. If either of us dies the mortgage is automatically paid off.

Aquamarine1029 · 21/09/2018 01:38

You have made a very wise decision. Get as much life insurance as you can.

Notacluewhatthisis · 21/09/2018 01:49

I have had it since I moved in with (now) exh. I put the payout up when I had kids.

My life insurance pays off my mortgage and eaves the kids a lump sum. I have also had to make a will ensuring the money goes in trust.

Zigazagazoo · 21/09/2018 01:49

Definitely need life insurance, me and dh have had it since we bought a house together aged 23 (now 30). I’m worth a bit more Grin but it will clear the mortgage for us each and leave a little left over. We now have a dd so even more important.

steff13 · 21/09/2018 01:52

Get it. I have $800K, my husband has $500K.

RamblinRosie · 21/09/2018 02:02

The younger you start life assurance, the cheaper it will be.

Look into “whole of life” policies, I started one 35 years ago to cover a £30k mortgage, I could cash it in now for just over £9k, I’ve paid in £5.6k, current payout is £66k.

Both the cash in and the payout rise each year. It doesn’t expire, so as long as I pay in, DH gets a decent payout if I snuff it.

LivLemler · 21/09/2018 05:53

Everyone with children and/or a mortgage should have life insurance if at all possible.

Also consider whether your employers pay death in service benefits. Some will pay out a multiple of salary on death, and there may also be a spouse's pension depending on your pension arrangements. If you are lucky enough to be in a defined benefit pension scheme, this could be significant.

SundayAM · 21/09/2018 05:59

We’ve both got life insurance, mine totals about 250k plus mortgage paid off-£15 a month and husbands is around the same.
He has a pre existing condition which meant L&G sent a nurse out to do bloods and other tests when we signed up. This wasn’t a problem.
My view is should I die that id want my husband to not have to worry about childcare costs, day to day costs. That he could take time off work to be with the kids to help them through etc.
well done OP for getting some deffo never too early (I’m 31 and have had life insurance since early 20’s)