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 can't even afford to live let alone afford to die.

I live on my own, the rest of the family are self supporting and don't need a hand out when I die. I have no mortgage, I rent. The car goes back to the lease company if I keel over. No point in life insurance whatsoever, another money-making idea that will benefit others and not myself, but taking money from me when I don't have much to begin with. Never saw the point of it myself....

I have a small bit of money in the bank which is enough to bury me if I die (simple funeral) and that should be enough.

Yes. I have had life insurance since my early 20s and still do to this day. Had term life, in service, tied to mortgage and stand alone to cover funeral expenses etc.

Yes - it's vital if one of us is left with DC that they don't have to struggle with money or continue to work long hours at a time when DC will need their remaining parent the most.

My previous life insurance included critical illness cover, which paid out in full when I was diagnosed with MS, and allowed us to move to a 'future proofed' bungalow that suits us now (big kitchen diner, lovely garden) and will suit is when/if I struggle with my mobility in the home.

I cannot recommend it enough if you can afford it! I now have a new, slightly more expensive policy due to my health, but it is worth it.

I used to when I was younger and had a mortgage and small children. Now it's just me, no mortgage and 50 I've long cancelled it!

Yes as you don’t know what’s around the corner. If either of us die the mortgage would be paid off plus my husband (the higher earner) has life cover with his pension. It just means if anything happens to either of us we have the funds to be able to stay in our house.

Yes, originally a decreasing amount tied to the mortgage but that's almost paid off and were only mid 40's so we got a new policy which is £15 a month and pays out £100k. It's mainly so we could afford to take.time.off work/retire early if necessary.

Yes, because DH died without life insurance and I have been totally stuffed ever since. And let me tell you, "just selling the house" while also holding off mortgage companies, seeing your credit rating plummet so no hope of getting another mortgage, dealing with probate, children, work and grieving is NO walk in the park. Took me nearly two years to sell the house due to glitches with the probate and by then I was in such arrears on the mortgage that I couldn't get another one.

Mine is about a tenner a month.

I have it because I have a partner, a mortgage and a baby and I don't want him worry about money if some happens to me. Other than that I wouldn't have bothered with it.

Yes, married, 3 kids and a mortgage. If either dies mortgage will be paid of (mortgage protection policy) and a cash lump sum is paid (life insurance). We also have a death in benefit scheme where if either dies our employer pays three times our salary to the surviving spouse.

We both had it, expires soon. We also had critical illness cover when we first got a mortgage which paid out after only a few years when I had cancer. We built a huge extension and the money was very useful at a very difficult time in our lives.

We have paid off our mortgage now so won’t take out any further insurance.

It did give me peace of mind to have the insurance.

Yes, DH and I have it. Enough to pay off the mortgage and have some left over. If something happens to one of us, we want the other and DD to not have to worry about money on top of everything else. It's about £20 a month for two of us.

I had mortgage-linked and freestanding life insurance when I had dependent children and a mortgage. Now I only have the death in service benefit that comes with my work pension. I'd hate to put temptation in the way of my family by being more valuable dead than alive.

We do but only recently really. We have the cover that decreases with mortgage term to cover remaining mortgage, a lump sum payout and critical illness cover. We have a high mortgage and particularly if anything happened to DH on a part time nurses wage I’d had to sell the house which would add another layer of stress. I think it’s about £30 a month for both of us- things are tight so when I’m going through the finances and trying to cut down I always consider cancelling but if we ever needed it it would be invaluable. We are both certainly worth more dead than alive at the moment!

It's the sort of thing I'd only buy if I had someone who was financially reliant on me.

Seeing as it's only the dog who's financially reliant on me (and there's enough in my savings account to buy him 10 years of kibble and squeaky toys) I'm not sure there's much point.

Yes, it’s really important to me that DH doesn’t have to worry about money if something happens to me. I have an insurance policy that covers the mortgage plus £150k, a policy that gives a monthly income the would pay DS’s school fees all of the way through and death in service benefit of 4 times my salary.

Death in service is about £200k. Plus the full value of my pension would pay out as a tax free lump sum if desired.

I have it as does dh. We are mortgage free but figured that if the worst happened some positive to come out of it would be financial freedom to not HAVE to downsize, to be able to give the children a financial boost when they are adults, to pay for university living costs for them and to not be tied into working the same hours or in the same roles unless we wanted or were able to.

Basically, the last thing either of us would want if the other died would be to have to worry about money.

After an extremely healthy and sporty colleague of mine died suddenly at the age of 27 having just got married and bought a house - yes, I now think it's vital. He had life insurance through work, which paid out 4x his annual salary to his widow who used it to pay off the mortgage.

I've had life insurance since becoming a mother at 22. Although I've changed it a couple of times over the years it's very cheap because I sorted it whilst so young and healthy. It's so irresponsible to be a parent and not have life insurance (not including those whose health history is complicated and thus not affordable or perhaps insurable, obviously)

My husband and i both had a llump sum life insurance until our mortgage was paid off and our children finished University.
In addition my DH had a death in service benefit and a widows pension.

Late 20s, hubby and 1 toddler. No insurance as death in service at work would cover the remaining mortgage. Would only consider taking it out if I started a new job and didn't get a similar benefit

We've both got death in service plus a joint policy to pay off the mortgage. If the worst happens to one of us the other one may as well be rich and miserable

Yes we have enough to cover our house value if either me or my husband die. Would be very difficult to afford the mortgage for either of us alone. The younger you are the cheaper it is. I think ours is £25 per month for both of us. Unless you can't afford it I don't know why you wouldn't. The last thing you would want to worry about if your partner died is being unable to pay the bills.

@ABCDEF1234

Late 20s, hubby and 1 toddler. No insurance as death in service at work would cover the remaining mortgage. Would only consider taking it out if I started a new job and didn't get a similar benefit

Please read my post further up and someone else's about the uselessness of a death in service grant in many situations.. If you leave the job you lose it, or if you get an illness that means you can no longer work, and die from that illness after you've left, you'll get nothing. That was exactly the case with my late husband. I got nothing from his work insurance as he had to take ill health retirement. Death in service is a bonus. But you still need a non restricted life insurance.