Not to have life insurance. Do you?

[BrilliantBetty]

Do most people have life insurance?
Even if you're young-ish?
I've always thought it was some sort of money making thing that's a bit of a scam maybe.

But i'm getting more and more adverts for it and beginning to think perhaps I should get it.

Is it something most people have?

I don’t have life insurance. Couldn’t get it even if I wanted it.

Do you have a partner/ children? Would they struggle to stay in the same house/ maintain the same lifestyle if you passed away and your income was gone?

Yes but mine finishes in 4 years and we’ve remortgaged for another 15 years.
Now I’m almost 50 the quote I have for a new 15 year policy has quadrupled the price of the premiums so I can’t afford to do it.
DH would sell if I died anyway & I do get quite a good death in service benefit.

Do you vape? Apparently it’s really expensive to get if you smoke or owt.

I have kids and a mortgage and it’s vital. Me and OH we’re both declined by several companies so I push it to the back of my mind (I do not recommend) I SH 13 years ago and OH has diabetes.

Yes, and a lower critical illness policy (as that is more expensive). It has come into its own due to a cancer diagnosis (critical illness part) and glad I still have life insurance so my husband and children would financially be ok if I died.

Mine is under £3 per month. I'm healthy, 40 and have just purchased one for £100K decreasing over 10 years, as this is how long we anticipate it will take us to overpay the mortgage based on my earnings.

Husband has local gov pension scheme and his 'death in service' lump sum would pay off mortgage, so he doesn't.

I have it. Took out a policy about £25 years ago. I had forgotten I had it as I never get letters or anything until I noticed the direct debit still goes out! Its probably only a tiny payout as it’s about £7 a month.

I have death in service (6x my salary).

3DC, no partner. I’m uninsurable due to having CPTSD and ADHD, whatever the fuck that means.

Yep. Have a policy that will pay out £300k if anything happens to me (on top of death in service benefits from work). Costs me about £11 a month.

Yes, started when DC were small.

Basically, DH could not have carried on working his job with long hours etc if I popped my clogs. So he’d be out of work and he’s the main earner.

He’d need to pay for various childcare, as well as domestic help.

six quid a month ten years ago bought me £100000 level term cover for 25 years, which is the mortgage term.

Yep my DH and I have it - young, healthy so is about £25 per month. Vital for us as we have a DC who needs us to stay afloat should the worst happen.

We've got mortgage life insurance. I've got a personal policy that runs out in 3 years time (only took it out til DS was 18 as figured that once he was an adult and earning and if something happened to me then DH would have house paid off but I'm going to take out a new policy - I will be 51). And DH has a company death in service policy. To me it's essential if you have children. DH couldn't survive financially had I died when DS was younger even with house paid off

If you have dependents, then yes I'd say it was essential. Not otherwise.

My dh was uninsurable, even through specialist companies. I'm very lucky that our entire life didn't collapse when he died aged 52 - we had enough resources. Burying him cost £6,000. I didn't have to move house or move ds from school. I decided to pay for some therapy. I would have liked to be able to work part-time for longer. It's been a bumpy road and a life insurance payout would really have helped.

I'm going to keep mine going until I'm 60 I think.

Yes. I am the sole wage earner, but we are both insured for the same amount because if something happened to DH I would need to give up my current job to look after the kids. And if we both died then part goes to my brother to look after the kids and the rest goes in trust for them.

Obviously if you have no dependents then you have no real need for life insurance.

I started paying life insurance and critical illness in my late 20's. It paid out fully when I was diagnosed with breast cancer at 48. There were times when I nearly cancelled it because it was expensive but really glad I didn't.

Yes. Took it out nearly 20 years ago. Will be enough to pay off mortgage and provide for a lot of support for my children, so my husband can continue to work. After seeing my uncle dying with his children as three younger teens, the cushion provided by the money was vital.

Yes I have income protection in case I can't work. It's five times the cost of life insurance but again I'll probably keep it going until I'm 60.

Yes. Until I am 70.
The main purpose of life insurance if you have DC is to ensure enough money to finish raising them and a good start in life and/or support a partner. So it’s definitely essential if you have children who are not yet adults. Mine is worth 20x my annual income.

Mine ends at 70, when my youngest will be 40. After that point when I die they should be independent and ok.

I’d also advise not to rely on death in service benefit. From experience (a colleague) it took a couple of years to pay out. We were expecting it to be almost instant.

I'm really clueless with things like this. I don't have life insurance. I'm a single parent, no mortgage as I rent, DC early 20's. How do I go about working out what I even need? I worry sometimes, as I'm fit and healthy, but if I died suddenly I wouldn't want Dc saddled with my debt, funeral costs, etc.

Absolutely.
My OHs brother died suddenly in his 40s leaving a wife and 3 year old.
OH and I both have hefty life insurance.

Yes, have life insurance and critical illness cover.
My death in service payout is not large and I've nominated my siblings for that as DH would get the life insurance policy.