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?

Yes, have for years and single parent with two young kids and a mortgage.

I had a friend aged 34 who died earlier this year, didn’t have life insurance and her husband had to start a go fund me to pay for her funeral.

It’d make a big difference to his future life and raising their children alone if she’d had it.

I’ve also got critical illness cover for me and the children. Nobody knows what’s around the corner and nobody thinks it’ll happen to them. Please look into it OP.

As soon as I got pregnant we got life insurance. An absolute must and no brainer in my opinion.

We do so the mortgage is paid off if one of us dies if I die my family do quite well out of my pension too - not so much if DH goes first

I do as I don’t own and therefore have no real assets to pass on to DS. I pay £11 a month for £250,000 cover that would pay out early in the event of me being diagnosed with a terminal illness.

We didn't have it until we had kids, now it's there to ensure that the mortgage gets paid and any other additional costs that would arise if one or both of us were no longer here. It's to minimise disruption as much as possible at what would be an already difficult time.

Without my late wife's life insurance we wouldn't have been able to stay in the family home.

Having that money probably saved me from completely breaking down.

No, not yet but planning to get it sorted in the next year

I've got:

Life Insurance to repay the mortgage
Family income benefit to provide a monthly payment to my husband until our youngest is 23
Income protection
Critical illness
Will

I am not taking any chances. I'm the main wage earner and my husband and kids would be screwed without it.

I'm 32 and have it. Had it a few years now since we bought the house. Mine is only to cover me until I'm 60, I forget which, so if I died young my DH would have enough to pay off the mortgage and not worry about the kid/s and could cut his hours at work to be there more.

25 year policy on birth of DS.

I have a death in service benefit which would pay off the whole mortgage and leaves DH and the DC with a lump sum as well. We live well within our means, save lots and DH has a good job anyway so while I'm the higher earner his income alone would be more than enough to live on.

Yes, me and DH both have death in service provision from our employers, and life insurance. We rely on both our incomes to pay the mortgage so we need it. We also have critical illness cover.

@TabithaTiger I'm no expert at all but this is how I went about it.

For life insurance, I basically balanced what I could afford with what I think I need! So funeral costs run about £3-7k (yes really), mortgage, maybe a year's income for whoever has to look after the children, and a bit of money for each child. I then got quotes from a comparison site and adjusted accordingly - I think it actually wasn't as expensive as I feared so I increased the amount a bit. Then I went for a company id heard of.

For income protection and/or critical illness cover which are much more unusual and very expensive, I googled and read for some months until I was sure I understood the pros and cons. Then I asked friends for a financial adviser recommendation and bought income protection through him. For me, it worked well.

Oh BTW I pay about £9 a month for my life insurance.

Yes we both have it. It will pay off the mortgage and provide a lump sum if either of us dies. It means neither of us would have to move house or the children from their school if the worst happened

Life insurance, critical illness, income protection and death in service benefit here.

Yep, level term life cover, critical illness cover, income protection insurance, accidental death and death in service.

If I get run over DH will be very comfortable.

Some sort of life cover is I would say vital if you have kids. I’m presuming you don’t have a mortgage as life cover is almost always a requirement for one.

I was looking into it aswell as critical illness cover, and got some quotes Feb 2020, then the quotes increased due to Covid so I put it off. Then a few months later got a cance diagnosis and now can't get cover until I've been cancer free for 5 years. I imagine thr premiums will be s lot more expensive then aswell.
I kick myself I didn't take it out when I first got the quotes but hindsight is wonderful isn't it.

Mine was joint part of an endowment policy. Useful when I divorced and still had this cover for my ex.

Death in service x14 times salary (generous), critical illness and accident cover free through work. And life insurance with our mortgage, so if either of us dies the mortgage is paid off. Husband has death in service x4 salary and an extra policy too.

Yes, we both do - 1 term assurance policy which would totally clear the mortgage which covers both of us and I have death in service benefit which is, I think, 4x salary.

My brother died suddenly at 41.

I don't know what difference it makes whether other people have it. It's a question of whether you need it. If you're young and less likely to die then it will be cheaper.

We're 28 and 31. £38 a month, huge payout (will cover mortgage, pay off cars and give enough for the surviving partner to take a few years off work if needed or have some good savings). 100% worth it for peace of mind - if the worst was to happen, the other person would have the security needed to not worry about material things, and to also take a payout if terminally ill.

Yes, I have kids and a mortgage, it would be massively irresponsible not to. I also have a large death in service benefit with my employer and private critical illness cover for us and the children.