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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To not have life insurance?

37 replies

Scottishgirl85 · 10/11/2018 09:21

Married, both 33, 2 young children, both in good careers with large house and mortgage. Never had life insurance and for some reason in the last few days I am panicking that we should have it.
Do you have it and how much is it a month?
What would it provide if you were to be ill/pass away? Seems like a bit of a minefield...
I'm also worried as husband had testicular cancer 5 years ago, will the premiums be through the roof?
Thanks!

OP posts:

Corrag · 10/11/2018 10:24

If your husband's testicular cancer was early stage, it shouldn't have much (if any) impact on the premiums. As others have said, speak to an IFA about it. The IFA will be able to discuss it with the underwriters before submitting an application.

ItWentInMyEye · 10/11/2018 10:26

We had to take out life insurance policies when we got our mortgage, is that not the norm?

Onemorefortheroad · 10/11/2018 10:29

We are in the process of taking out life insurance and the cheapest quote we could get is around £80 per month

AnnaMagnani · 10/11/2018 10:29

YABU not to have it to cover the mortgage.

Whether you then want to have things like Critical Illness cover is up to you - but could you manage on one income if one of you was unable to work?

As everyone else has recommended, you need an IFA with whole market access.

While you are at it, you should also do wills, if you haven't already.

TestingTestingWonTooFree · 10/11/2018 10:32

If you are relied on for money or caring then I think it’s irresponsible not to insure yourself. The exception is if paying for insurance would stop you paying for food/house/essentials.

Critical illness cover is probably more important. If you’re very ill not only will you stop earning but you might also need care that stops your partner earning or requires payment. Don’t expect this government to look after you.

How would selling the house help your DH? Doesn’t he need to live somewhere? Or could he downsize?

Original poster

Scottishgirl85 · 10/11/2018 11:30

Thanks all. Yes if we had to sell the house we have about £650k equity in it so that would be released to buy a much smaller house. But it's not enough to be sustainable. The cancer was early stage and we are otherwise healthy as far as we know, non-drinkers, non-smokers, healthy weight etc. Will report back here after we know how much impact the cancer will have on premiums, in case anyone finds this thread in the future.
Thanks to mumsnet we have just made an appointment with an IFA for next week. Thanks for sorting us out! I already feel a bit of relief! Also thanks for tip on Will month next month!

OP posts:

reluctantbrit · 10/11/2018 11:55

We have one which covers the mortgage when either DH or I die. I have a death in service one via work and DH has a life insurance and also a critical illness one.

It is not cheap but I have seen the issue coming up when a partner dies young or is critically injured and has restrictions with work, both in my family and at work, without such covers it would have been devastating for the families.

BatsAreCool · 10/11/2018 12:03

I have a death in service one, DH has life insurance and both of us have critical illness.

Despite not having a mortgage we have them because if one of us dies or cannot work then it takes all the financial pressure off so you can just concentrate on the immediate issues.

SleepingInYourFlowerbed · 10/11/2018 12:06

Be wary of critical illness cover, there are a lot of exclusions in most policies. I would always recommend income protection over critical illness but it is more expensive.

MrsStrowman · 10/11/2018 12:14

We both get a decent death in service payment via work pensions (DH around 100k, me around 150k) but still have life insurance as well (300k which would clear the mortgage and leave about 60k over), we also opted for critical illness cover of 150 k although we get very generous sickness allowance 6 months full pay, 6 months half pay. I earn more than DH at the moment and living on his wage alone if I got very ill would be very very difficult with the home and outgoings we have. It costs £20 a month for each of us, I just consider it part of our mortgage repayments. We got ours through the IFA we get our mortgage through.

tiggerkid · 10/11/2018 12:23

I have one to cover the mortgage. We all hope nothing happens to us but it seems prudent to cover your family just in case.
Mortgage cover is usually done on a reducing amount, so what you pay should be reducing as your mortgage gets gradually paid off.

My workplace also provides life and accident cover.

tiggerkid · 10/11/2018 12:25

Forgot to mention that we pay around £28 per month for the mortgage cover. Like I said, it is on a reducing amount and I remember it started out with circa £36 per month but has come down as the remaining mortgage reduced. Will be going down further as we continue to pay off our mortgage obviously.

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