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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Not to have life insurance. Do you?

236 replies

BrilliantBetty · 09/09/2021 21:25

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?

OP posts:

CreamFirstThenJamOnTop · 09/09/2021 21:53

We’re 41 & 45 and took out life insurance about 10 years ago when we bought our first house. Increased it when we moved and took on a bigger mortgage. It’s enough to pay off the mortgage and a bit extra.

AdriannaP · 09/09/2021 21:55

Yes, have kids and a mortgage. Want DH to be mortgage free and be able to look after the kids should I die prematurely. I have seen several times how shit life can be for surviving parent with minor children when there is a lot of debt/no life insurance. In addition to the grief are the money worries.

Cuddlyrottweiler · 09/09/2021 21:56

I got life insurance when I bought my house ,about 22yo, I made DH get it when we started trying for a baby. Mine is like £6 a month, his is £25ish I think.

Megan2018 · 09/09/2021 21:56

I’ve had it ever since had a mortgage (so from 23), I’m now 43. Mine is life and critical illness and is linked to the mortgage balance. It costs me about £45 a month. I also get death in service benefits.

But it depends if you are single and have children. My DH earns relatively little and we have a DD so need to make sure they have a secure home.

Porcupineintherough · 09/09/2021 21:57

Yes of course. From the moment we started trying for a baby. Bad enough if dh loses his wife and my kids their mum, without them losing their home as well.

Newkitchen123 · 09/09/2021 21:58

I don't anymore but I used to. My husband died. The fact that he had life insurance means that the house is paid off. I could remain there. The rest of the money was invested and the income from that means that I could leave the job I was no longer happy in and take a cut in pay to work for myself. The funeral and the stone came to around 7k and I also paid off the car that was on finance so I had only utility bills etc to pay monthly.
When you are bereaved, kids or no kids, the last thing you want to be thinking of is money.

ButForTheGrace · 09/09/2021 21:59

Early 50s, no mortgage, good savings, so I let mine lapse a few years ago. OH and kids would be fine financially.

burnoutbabe · 09/09/2021 21:59

No.

No need as mortgage paid off and partner wouldn't suffer financially if I died (has own assets). So not needed. (No kids either )

Member984815 · 09/09/2021 21:59

Yes , have since I was 20 and it's very good insurance I had to have it for my mortgage hopefully I won't need it but it's a safety net for my husband and kids

mswales · 09/09/2021 21:59

Live alone with one about to be two children in a flat I would want them to be able to stay in if I died, and my exP move in. Took it out recently, it's £8 a month for 200k payout

GeorgiaGirl52 · 09/09/2021 21:59

Yes. I was sole earner/parent when my DDs were young. Took it out to help pay whoever might have to raise them if something happened to me.
When DS came along, took out another policy as I was older and wanted him to be able to go through college without debt.
I am now paying on two policies - one for each grandchild - so when they reach age 25 it will be paid off. When they start their families, they will already have insurance.

Kite22 · 09/09/2021 22:01

I don't anymore as my dc are adults and we've paid the mortgage off and we both have benefits through our employers that give beneficiaries if we die when we are still working for them.
However when we had a mortgage we did and when our dc relied on us we did.

BrieAndChilli · 09/09/2021 22:01

We have a policy that decreases in line with our mortgage and pays it off if one of us dies. That means the surviving spouse wouldn’t have to worry about the mortgage or having somewhere to live.
We also have another policy that pays out £100k, DH gets 4 x salary as death in benefit, I don’t but I earn a lot less than him so loss of my wage would not be too bad.
This money means that there’s spare money of ther other wanted to take some time off work, put the kids through uni etc. Also means if we both died then there would be a chunk of money for whoever was guardian to provide for them.

SummerInSun · 09/09/2021 22:03

Yup. Costs a fortune, but is enough that if I died DH could pay off the mortgage.

gwenneh · 09/09/2021 22:04

Yes, we do. Life, critical illness, and income replacement insurance to cover all contingencies. These policies will run until we retire, at which point our house will be completely paid and we will have other income. The amount is enough to cover the mortgage balance and put the DC through school.

DH lost both parents young, and it’s coloured our decisions in how we plan for the future.

Maskless · 09/09/2021 22:05

I don't have it or need it.

annacondom · 09/09/2021 22:11

Don't mortgage debts get paid off if one of you dies? I'm pretty sure that was the case with ours. We have some savings now so no longer have life insurance.

whynotwhatknot · 09/09/2021 22:13

My dh does i dont cant get insured

MrsSugar · 09/09/2021 22:13

If you have a mortgage you should absolutely have life insurance.
Both DH and I have life and critical illness cover. I pay about £35 a month for mine due to family history. It does sound a lot and like it could be a waste but isn’t that the case with all insurances ? Sadly we have family/friends who have died or taken ill and needed to claim

Marcee · 09/09/2021 22:14

I've got it
Enough to cover the mortgage.

Due to my health conditions they would only cover me til I'm 50.
So I've got about 10 years to ensure the stability of my family.

I've also got death in service benefits.

Husband is covered til he is 65

speakout · 09/09/2021 22:14

Don't mortgage debts get paid off if one of you dies? Not anymore.
Used to be the case- life insurance would be required and often tied into the mortgage- so would be paid off in full if one partner dies.
No longer the case.

EmeraldShamrock · 09/09/2021 22:14

no but it is on my to do list as security for the family.
It only benefits your family if you die young.
My Parents have life insurance for 48 years with an original big pay out, over the years it decreased.
Dad's is E45,000 DM was E17,000 I'd say in their lifetime they paid a dam sight more into it than they'll take out of it.
The payments were E420 monthly after DM died it reduced to E340 per month, Dad is healthy at 72 I don't know how he'll keep up the payments for the next 10/15 years.
They'll increase the payment or decrease the pay-out before then.

EmeraldShamrock · 09/09/2021 22:15

Sorry not monthly Quarterly every 3 months. above post.

maddiemookins16mum · 09/09/2021 22:16

We have a mortgage life insurance policy.

LozMuffin · 09/09/2021 22:16

Yes, I have it so my husband and kids don’t have to worry, as well as death in service. My husband is a mortgage and protection advisor and provides life insurance - I’m certainly more educated about it, especially when you think how many people insure their phone, cars home but sometimes unintentionally forget their most precious assets - their family. We wouldn’t be without it now. I would defo recommend people have it if they can.

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