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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:
frenchfancy · 21/09/2018 06:04

You can also get savings plans that act as life insurance. The savings plan we have for the kids all act as life insurance.

Mouthfulofquiz · 21/09/2018 06:41

I would say to get it ASAP - as it only ever gets more expensive. I had a policy which I took out at 24 for £180k which cost £20 per month. One for £400k at 34 cost nearly £100 due to a condition I’d developed!

Mari50 · 21/09/2018 06:48

If you have children then definitely get it. If I die my dd will be quite wealthy- which would hopefully cushion the blow of losing me a little.

SeaGlassHunter · 21/09/2018 06:48

The earlier you take it out, the cheaper the monthly premiums. I started mine at 23.

BikeRunSki · 21/09/2018 07:01

I took out life insurance when I was 30, when we bought a house. DH was 25.

Gincision · 21/09/2018 07:14

Definitely do it. DH and I both have life insurance for value of mortgage plus 100k to allow the surviving one to stop work of necessary. Also critical illness cover that would pay off mortgage should we be diagnosed with a serious illness as I can't imagine much worse than having to slog at work to keep the bills paid rather than being able to spend time with DH if he was ill, potentially dying.

At work I've seen too many young women die from breast cancer. While it's usually cured it's not always. The youngest was 30.

Definitely do it

gabsdot · 21/09/2018 07:20

Dh and I pay 144 per month for our life insurance. I?t's pay out 300k each and is linked to our mortgage so will be used to pay off the mortgage first. Currently there is 80K outstanding.
We'll pay into this policy for 20 years and then it's finished but for the rest of our lives it'll pay out 30K when we die even if that's years after we've stopped paying.
This suits us very well as after the 20 years our mortgage will be finished and the kids will be grown up so the necessity for a large pay out is not there anymore. But there will be a few bob to pay for the funeral.
I was 38 when it started. DH also has a death in service policy which will pay out 4 times his salary.

Hairpulling · 21/09/2018 07:25

I'm 24 and I have it. Just enough to cover our mortgage and a funereal if anything happened to me, so that my DH and DS don't have to have money worries on top of everything else.

JollyAndBright · 21/09/2018 07:28

I strongly believe that anyone who is married, had children or a mortgage should have life insurance.

Baring health issues which would push the cost up like yours OP, most people can get a decent amount of coverage for a few pounds a month.
Even if we were living payday to payday I’d happily make sacrifices elsewhere to find the money to pay for it, it’s worth it for the ‘just in case’.

TheChineseChicken · 21/09/2018 07:44

We have enough to pay off the mortgage and then provide for DD until she is 18. Whoever takes on your child should something happen to you will need be extra income. Life insurance and critical illness cover

TheOnceAndFutureQueen · 21/09/2018 13:11

DH and I have £300k life insurance between us. We got it at 29 when DC1 was born. We're now planning to make a will so that, if we both die, the life insurance goes to the people who will look after the DCs - part to be used to cover their upbringing and part to be left in trust for them.

mumofmunchkin · 21/09/2018 13:13

Get it. We have life insurance, and are in our early thirties. We got it after my brother was killed in a car accident at the age of 33, leaving a toddler and a pregnant wife - we all like to think that we will live to a ripe old age and have plenty of time to save, but you never know what's going to happen.

Aria2015 · 21/09/2018 13:15

I've had life insurance since I was 24 and bought my first property. If I had died it would have paid off my mortgage. I have a bigger house now and kept my life insurance the same as before so it wouldn't pay off my property but it would be enough for my dh not to worry about money at my loss of wages for about 5 years .

FuckADoodleDooA · 21/09/2018 13:23

I think life insurance with critical illness cover is essential. DH and I learnt the hard way.

A friend was diagnosed with cancer at 36, he had critical illness cover, it paid off his mortgage.

Stupidly we didn't upgrade ours then. At 33 I was diagnosed with MS, if I'd had critical illness cover it would have paid off the mortgage and paid for the treatment I needed. Instead we are going to be in debt still for the next 3 years and have had to sell the house.

Why didn't we learn. Biggest mistake of my life. DH has upped his to include critical illness now.

I always tell friends to do it if they can.

theymademejoin · 21/09/2018 13:28

If you have children, life assurance is essential. If you are working, the drop in income needs to be compensated for the remaining partner. If you are not working, then the proceeds from the life assurance can be used towards the cost of childcare to allow the remaining partner to work.

If you are a single parent, then the proceeds of the life assurance can be used to look after the kids by whoever takes them on.

BarbarianMum · 21/09/2018 13:31

Of course you should get some. Put bluntly, your dh will find it hard to raise your kids and work fulltime if he loses you.

wolfywolfy · 21/09/2018 13:43

Glad I found this thread as I have been looking too since having my baby. Could somebody point me in the right direction if anyone is knowledgable in it...
I have tried to get a quote for a few but some won't accept me cause of Mental Health.
Can somebody suggest any companies that take this in to consideration ?
Sorry to ask on your thread OP !!

Figgygal · 21/09/2018 13:44

Yes of course you should something Terrible could happen at any time

Lemontart25 · 21/09/2018 13:44

It's something I know I need to do but have yet to sort out. It worries me that I would pick the wrong one & pay for years & my family would get nothing! No family to help really. Where do you start? Is a comparison website best? The bank?

I don't have a mortgage so that's one less thing to consider I suppose. But that does mean less stability for my kids.

AintNobodyHereButUsChickens · 21/09/2018 13:48

Me and DH have had life insurance for over 2yrs now, when we were 25 and 27. You're never too young to take it out!

frecklefox · 21/09/2018 14:17

I've just taken out a life insurance policy at 30 - it'd never really occurred to me before but since DP and I bought our first house recently I guess I realised that if anything happened to me, he'd be affected financially. We're each insured for the value of the house as we wouldn't be able to get the mortgage for it on our separate salaries, and if anything happened to either of us the house would go back to the bank... According to a financial advisor Hmm Ours is extortionate though as DP is military and we both used to smoke Sad My pension at work gives me life cover too though so look at your options before you decide what to buy!

NotMadeByDesign · 21/09/2018 14:29

Just took life insurance out a few months ago, I’m 25, my DP is almost 24, no mortgage but nice to know my funeral will be sorted.

Pinkprincess1978 · 21/09/2018 14:54

You are better setting it earlier rather than later as it's costs less the older you are. Our policy is 11 years old now which means it will only last another 19 years. It is there to pay off our port gage primarily although we are at a point it would now cover mortgage and funeral costs too.

We both have good pensions with death in service payments as well.

I think it's worth anyone making sure they have enough to pay for a funeral st the very least even if they don't plan to leave anything else.

TheChineseChicken · 21/09/2018 14:57

@Lemontart25 best place to start is with an independent financial advisor. They will let you know your options and help you decide how much cover to get, and will arrange the cover for you. Their payment comes in the form of commission from the provider so it's free to you. Since they are independent they aren't affiliated with any particular insurer so that eliminates bias

WhiteCoyote · 21/09/2018 15:06

I took out an insurance policy the moment Ihad my son at 23. My dp wouldn’t cope looking after him I’m on his own and would need the money for childcare.