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?

Nope I’m uninsurable apparently

No - when we took our first mortgage my husband had recently had an operation and so they refused to insurance him and to try again in 6mths. We never did as realised we were lucky enough both to have generous pensions meaning our death in services would cover the mortgage or make it small enough for the other one to easily manage should the worse happen

I have enough life insurance to pay off my mortgage n bury me
DC are adults so will have assets not debts

@HarryLimeFoxtrot

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

The problem with relying on that is if you change job. And by the time you do a) it will be more expensive to get LI because you're older and b) you might have had illnesses or tests (even if they're resolved or negative) that spook insurers and make them either not want to inspire you at all, or massively inflate your premiums.

Always get life insurance when you're feeling the most invincible. So young and without any health conditions or test results in your medical history.

Continuing with the good cheer, death-in-service isn't much good in situations where you die from a progressive disease which causes you to leave work some time before it kills you! (Because you won't die "in service".)

Yep.

Bought it when we had babies.

A young colleague died last year suddenly.

He had no life insurance and his children and wife are really struggling.

I would not be without it . Its extremely important to us to ensure that each other and our children will be ok if the unthinkable happens.

We have it but only because we saw what happened to a good friend when he lost his wife in a car crash. They didn't have life insurance and it was such a financial struggle for him to keep the family home, a terrible situation was made worse by money worries.

Absolutely @Jasmine11

I have life insurance and through work a death in service policy. I possibly have critical illness cover too but I can't remember. Just makes sure DH & DC are well provided for if the worst happens

I can't get it due to an 'undiagnosed' medical condition that I have refused to have an operation to sort out.

Quick question for pp's who can't get insurance in the UK.
We were considering taking a small policy out for PIL for funeral costs etc.
They're in the UK.
I assumed from advertisements that there are policies no health checks over a certain age, with a free pen. 😉
Are those tv advertisement policies a scam?

@EmeraldShamrock

Quick question for pp's who can't get insurance in the UK. We were considering taking a small policy out for PIL for funeral costs etc. They're in the UK. I assumed from advertisements that there are policies no health checks over a certain age, with a free pen. 😉 Are those tv advertisement policies a scam?

That's the dodgy ads I mentioned. I'm hoping when I turn 50 next year, I'll be able to get one through them 🤞🏻

@Sushirolls Thank you.
Enjoy your new pen too.

[quote EmeraldShamrock]@Sushirolls Thank you.
Enjoy your new pen too. [/quote]
😂 it'll be my prized possession 👌🏻

God yes. One of the only direct debits I’ve never missed. I’m 31 now and got my policy at 22. I know my family, future children, mortgage etc won’t have to worry if something terrible happens.

Thankfully we have life insurance as dh was diagnosed with stage 4 terminal cancer at 38, however our insurance people are a shower of shit to put it nicely. They will have to pay out eventually but are pushing back at every opportunity. Our policy states they will pay out if the holder has less than 12 months to live (which DH's drs agreed with and they had their oncologist look and he disagreed.

They have been very heartless in communication, so much so Macmillian now deal with them for us. I would avoid them at all costs (legal and general)

I have life insurance and a small critical illness insurance. Also death in service 3xsalary.

We took out a policy recently now we have a mortgage. £42 per month with Royal London and it should pay out enough to cover the mortgage and then several years of looking after the kids without one of us having to work etc.

My mother died of breast cancer at 36 and left a substantial life insurance policy. My dad squandered the money right enough but we weren't left destitute and I think it's important to be realistic without being too morbid.

I would like to, and have looked into it before. However, it seems a case of a diagnosis of ME/CFS either excludes you (no idea why, and I have asked and no one could tell me) or you get quoted a premium that's fairly laughable just for the minimum cover offered.

Not all situations require it. I have it because I'm the primary earner and my husband is financially dependent on me. I want him to be taken care of when I'm gone. He doesn't have it because no one is financially dependent on him. But that's only one part of the equation. If a SAHM dies unexpectedly, the child's father will have to arrange other childcare, and it will probably cost money. If he can easily afford that with his current salary, fine. But if he can't, then the SAHM should have life insurance to cover those costs.

When I was single, though, I didn't have it because I didn't need it. Not everyone does. Some relatives might have been sad if I'd died, but none would have been financially harmed.

Yes my husband and I both have enough that we wouldn't need to work for at least a few years if something happened. My uncle was killed in a plane crash when my cousins were 7 and 3 and my aunt nearly died of it and struggled for most of her life. I'm terrified of something happening to either of us. If I die I don't want my husband to have to work. We pay ~250 per month for our policies, however some of this is "savings" in a way, it's a specific type of policy. We each have two policies and then also our employer max policy which is cheap but provides around 100k I think of coverage.

Basically our policies cover mortgage, college (US, so about 400k by the time our daughter gets there if inflation continues at current rate, and a few years so either parent won't have to work)

Yes, we have life and critical illness. Got the policies in 20’s and the cost v low. Now same policy would cost triple.

If you have a mortgage, and you don’t want your family to loose your home if you die or can’t work due to severe illness, it’s absolutely worth it.

A friend of mine has died in the last week from cancer. The life insurance means they won’t lose their house, critical illness cover meant their partner could look after them in their sickest days without having to work to pay the bills. They were under 40.

Yup we have life insurance as well as a death in service benefits from work.

I had it combined with critical illness cover. One of my more sensible financial decisions abs taken out when I was an invincible 25 year old. Last year I got cancer and it paid out. Fortunately I'm fine now too.

We still pay DH's policy and it's pretty expensive now at nearly £130pm but I can't bring myself to cancel it now after what happened to me.