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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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:
Kite22 · 09/09/2021 22:17

Don't mortgage debts get paid off if one of you dies?

Not unless you have taken out insurance.
I mean, most people will do that when they take out a mortgage.

HoobleDooble · 09/09/2021 22:17

No, I have life cover on my mortgage and DH has death in service cover with work. I'm sure I used to have a policy years ago but can't remember why I got rid of it.

NChelpforDH2021 · 09/09/2021 22:18

Yes, absolutely. My DF died when my two younger sisters were late teens and my Mum was only early 50s. If he hadn’t have had life insurance what was already a horrifically awful time would have been made so much worse, my Mum wouldn’t have been able to keep her house. If it’s just you it probably doesn’t matter but if you have a partner and/or kids, then it’s so important.

SuperCaliFragalistic · 09/09/2021 22:19

I don't. Single parent and DC could be adequately cared for by their Dad at his home if I died. The money from the sale of my house and any extra bits like death in service, inheritance from my parents would keep them comfortably through teen/uni years.

TartanJumper · 09/09/2021 22:20

Nope, but I don't have children or a life partner, so I don't really care what happens when I die.
Don't have a will, either.

FlumpsAreShit · 09/09/2021 22:21

We pay £100 a month for a fairly large payout (the sum of our eye watering mortgage) should either of us die, from Zurich. We keep a 6 month emergency fund. If H died I would definitely downsize (huge house and some land) but he was v keen on the insurance because he says if I died he would need some time to figure out what to do.

Will likely cancel it when we are mortgage free/children and grown and things are a bit simpler.

speakout · 09/09/2021 22:22

I am slightly envious of my next door neighbour. He is retired , very fit, lives alone, good pension, No life insurance, he had paid his mortgage off in full but has had an equity release from his property.. He spends his time travelling and entertaining his friends with alfresco lunches drinking gallons of wine.

Zealois · 09/09/2021 22:22

I have income protection and life insurance. However only because I get them as a work benefit. I'm in my 20s, no kids, and not married to DP yet, so currently the life insurance money would go to my mother.

RoseMartha · 09/09/2021 22:24

I had one tied into the mortgage when i was married.

Now I have a small personal one which is not a big pay out as I cant afford high premiums but will help towards funeral costs when the time comes.

FunnysInLaJardin · 09/09/2021 22:28

Yes, we have life and critical illness insurance and I have income protection insurance. Costs us £250 pcm but worth every penny as we have a 300k mortgage to pay and 2 school age DC

99victoria · 09/09/2021 22:30

We don't have it but we don't have a mortgage, our kids are all adults (so no dependents) and we are living off pensions and savings, so we don't really need it

JSL52 · 09/09/2021 22:34

Yes I did to pay off the mortgage if I die (I was a single parent)

caringcarer · 09/09/2021 22:35

DH and I have joint Decreasing lives assured to cover mortgage then another policy for £100k. Combined they cost £65 per month. We have had them for over 16 years. We have overpaid on mortgage and only have 2 years left to pay so we won't have to pay last 4 years on decreasing life policy.

FunnysInLaJardin · 09/09/2021 22:37

Oh and we both have wills and DH has lump sum, pension plus death in service, so we are fairly well covered.

PattyPan · 09/09/2021 22:38

I don’t have life insurance per se but I do have death in service benefit and critical illness insurance. I’m 26, joint mortgage with DP (not married but he is named beneficiary of those and my pension), no DC, no other assets.

AmItheonlyonehere · 09/09/2021 22:39

Yes, we have income protection, critical illness cover, mortgage protection and I have a policy that would pay out €200000 if I die. Dh has death in service through his work.

Ragwort · 09/09/2021 22:40

Yes, although we have slightly reduced the payments now that mortgage is paid off, our DS is 21 & we are within a year or so of retirement. My DH's DF died young with no life insurance & he has never forgotten how much his DM struggled financially to cope.

Umbongoumbongo999 · 09/09/2021 22:42

Yes, we've always had life insurance since we first bought a house. Our life insurance pays £250k each. I am the higher earner. I also have critical illness, I think for £50k. Dh is not insurable for critical illness due to the job he does and his health. The CI cover is me not working for 6m, plus I have decent sickness benefits from work. We could basically afford for me not to work for 18m if I was undergoing cancer treatment etc. I figure after 18 m I'll either be terminal, be recovered or be retired on ill health grounds. We have 20 y level term, last taken out when I was 35.

Having it vs not having cover is absolutely a basic question of affordability for most people. Can you afford to have it and can you afford NOT to. My DH will never earn as much as I do. If I died I wouldn't want our kids to have to change their lives, or DH to lose the house. My level of risk appetite is coloured by losing my dad young, and also recently an aunt who had a heart attack in her late 40s.

KeyboardWorriers · 09/09/2021 22:42

Yes had it ever since I had first child. I have life insurance that would pay off the mortgage. (So does DH). And both of us have death in service through our employers which pays out at 3x annual salary. Of course I hope we never need it! But it is important to have.

hollyivysaurus · 09/09/2021 22:43

Yes, we have a policy that would cover the mortgage plus about £20k, and we also have critical illness cover worth £25k. It’s about £25 a month, and it’s worth it for the peace of mind. We’re 35 and our friends husband died last year at a tragically young age. I hope we get to the end of our policy and never touch it, but I want to know that if one of us dies that the other can keep the house securely for the kids.

Mummyoply · 09/09/2021 22:43

I have life and critical Illness insurance and income protection insurance. I have a family and want them to be financially secure should anything happen to me.

Sushirolls · 09/09/2021 22:46

No. I'd like it but have a history of cancer (17 yrs ago) & another health issue, so I doubt I'd get cover, or it would be too expensive. I turn 50 next year, I wonder about those dodgy adverts for old gits 😂

ApplesAreTheBaneOfMyLife · 09/09/2021 22:46

I had it and critical illness cover. When I had cancer years ago it allowed us to pay off the mortgage.

MyMummyHasGotABigBottom · 09/09/2021 22:50

I have a personal policy. If DH were to die, he has a death in service policy that I would get and also his pension pit which is pretty decent (far bigger than mine). I figured that if I died, I would want him to be able to take time out to be with DD, and to support her. So I worked out 2 x his salary to be able to take time off, her school fees to age 18, good sized deposit on a flat for her and uni fees. It’s a hefty policy but it’s based on what I would like to be able to provide if I got hit by a bus. It’s around £26/month.

Realyorkshiretea · 09/09/2021 22:52

Yes, I do. Enough for DH to work part time while raising our daughter. If for whatever reason he wanted to work full time, it can go in her account for university/house deposit or whatever sensible idea she comes up with. I see it like paying for peace of mind more than anything.

You’ve reminded me that I need to make a will, however..

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