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 one now. I did have critical illness cover but cashed it in as the mortgage was paid off (which was what I got it for). I have substantial savings and investments to cover any funeral expenses and that plus the house will give my adult children a decent payout if something unexpected happens.

I've had it since I was 22, when I bought a house. It basically covers the remaining mortgage if either of us die. Less than £8 a month for both of us.

I've got insurance through my job too but dh doesn't so we took out additional cover a few yrs ago when he was maybe 34.

We have mortgage insurance, and also recently took out a life insurance policy as we changed jobs & lost our death in service benefit. I think it pays out £350k - which was a back of the envelope calculation of how much it would cost to raise/ support our DC until they are 18.

We do. We got it when we were earning a lot more but have worked hard to keep paying it as it covers the mortgage plus a lump sum for either of us.

@Hopeisnotastrategy

It's very, VERY important to have some life insurance as soon as you have commitments, eg a partner or spouse or dependents such as children. It's very cheap when you are young, and gives a vital element of security to those important to you if the worst should happen. DH and I took out generous life assurance in favour of each other as soon as we decided to marry and take out a joint mortgage. We knew we'd be devastated if anything happened to the other and the last thing we wanted to do was to pile any additional stress and unhappiness on each other at that moment.

If you are on a budget you don't need to spend a fortune, but do get some if you have commitments. It really is so cheap when you are young.

In the last couple of months i have cancelled my life assurance, it was starting to get very pricey in my 60s, but only because at this stage of my life it is far less relevant and by now we would both be fine if anything happens.

It's not cheap for everyone who is young! For people with some medical conditions the cost can be sky high or they may not be able to get it at all. DH and I would get death in service payment which would cover our costs. Some people would get help from their parents. Some people would sell the house and get a cheaper mortgage. Everyone's situation is different.

If a person doesn't have the funds to pay for their own funeral costs then they need life insurance.

@Belladonna12 life insurance isn't always hard to get with medical conditions it's worth having a discussion with a broker before you write off the idea.
I found that I can get and have life insurance without a massive increase in premiums I'm about £1 a month more (with serious chronic illness and disability) than healthy DH but I cannot get critical life cover, however some companies will not insure me at all which is where a broker helps.

We're in our 50s and pay £100 each. We have a mortgage and a child so it's to cover that. We foolishly didn't do it when we were younger and are now paying the penalty. The younger you are when you start the better.

[quote wonkylegs]@Belladonna12 life insurance isn't always hard to get with medical conditions it's worth having a discussion with a broker before you write off the idea.
I found that I can get and have life insurance without a massive increase in premiums I'm about £1 a month more (with serious chronic illness and disability) than healthy DH but I cannot get critical life cover, however some companies will not insure me at all which is where a broker helps. [/quote]
I know it's not always hard to get but it is for some people with medical conditions and/or it is very expensive whether or not they are young. It can also be quite invasive as you may need to provide medical records. 20 years ago I could not get it at all. I could now but for me, it isn't worth the high cost.

Recently I’ve been thinking about this question too - do I need a life insurance or not? Is it not one of those “ you’re a responsible adult” thing so you must get it because everyone has it?
I’m 34 and don’t have a mortgage and currently not married but have a long term partner and a 8 month old baby.
I’m kinda going back and forth about this thing and not entirely sure if I need it.
Would you say yeah go for it or nah it’s not essential?

@Eri21 well if you or your partner die how would the other one do financially on their one wage? Will it be enough to raise a child? Do you want to make sure they have more? Will they be able to work in their current job as normal? Need to buy more childcare etc? Only you can know, but I would think unless very well off most parents would benefit from it, unless it just isn't cost effective for health reasons.