to expect parents to have life insurance as a matter of course?

[probablyoverinsured]

Is it not the first thing you think about when you first hold your newborn? How can I best care for this little one? What do I need to do/sacrifice to ensure their welfare? in any circumstances?

I appreciate you can't be insured for every eventuality, and with the best will in the world, you can think you have taken out adequate insurance, and in the event it doesn't actually pay out for some reason or other.

But it's about £2 a week, in most cases - surely this is factored into the cost of providing for a child, when you do your calculations? I expect there are a few that can't afford it, but most can.

I am just amazed to hear of someone recently, really struggling, with no life insurance payout for the children, because there was no policy.

Am I living in a fool's paradise? Don't most parents have life insurance? Am I just showing my ignorance? Why wouldn't a parent have life insurance? Do you? if not, why not?

I have life insurance linked to the value of the mortgage so that would be paid off should I die. I have a BMI of over 35 so was too fat for critical illness cover 😏 so DH and the kids will be fine if I’d die but if I just get cancer and need a year off work then not so much.

We have life insurance that will pay off about a third of the mortgage. If DH dies I'll have to manage/maybe move. If I die, he'll be fine as I have death in service that will cover the other 2 thirds.

It's too expensive to increase the cover for us now as DH has health conditions.

I agree. I suspect that a lot of people were mis sold life insurance policies back in the day so it is more tightly controlled now (and mortgage companies aren't allowed to strike the fear of God into people). Mine is around £25 a month and is a tapering one so one of the cheaper options. It has been that cost since I was in my 20s.

My partner has a disability and can't get life insurance, even though it's not expected to be life limiting.

This is like the babies in taxis debate the other day. It's so tiresome to constantly remind people that disabled people are parents too.

I do have life insurance at around the premium the OP suggested. £6 a month but I am a healthy 40 year old (I hope) with no diseases running in the family and only a £100k mortgage and it is a depreciating amount. Basically to pay off the mortgage. I can’t afford more but will get death in service and the kids would get a small annual pension.

I can’t afford much as a single parent but I prioritised this so that if the worst happened they at least have some financial security as the house would be worth approx £240k between 2 children

I can't even get a quote from any insurer on the comparison sites. What do you suggest I do op?

Is it not the first thing you think about when you first hold your newborn? How can I best care for this little one? What do I need to do/sacrifice to ensure their welfare? in any circumstances?

I have it on some authority that the first thing most parents think when they hold their newborn is “I will not start goady, judgey, faux-naive posts on Mumsnet that make me sound like an insurance company rep on commission taking an early lunch”.

92% of posters voted “aye” to that very question in a 2019 poll. 😉

It is very reasonable if you take it out young and you are healthy however most people can't afford to get a mortgage in their 20s now so by the time they are taking it out its much more expensive. It is completely unaffordable to cover my DH so he has a decreasing policy from our early 20s (which we pay a fortune for) probably not worth much now and he has death in service of 4 x his salary and combined would pay off the mortgage.
My life insurance is £9.77 pm and I have 250k of cover and covers me until I'm 69. It also will pay out if I was diagnosed with the terminal illness. It is also with a reputable insurer.

£2 per week🤣🤣🙂

dh’s was quoted £720 per month.

He is diabetic

Genuinely amazed at all these people saying its £100s of pounds?! I finally got round to getting my life insurance last year at age 37, it costs me £12 a month. Husband got a separate one for £13 a month.

Doesn't cover critical illness, just life insurance, but enough to cover our mortgage + a lot extra for expenses / children.

I don't drive. Don't go abroad on holiday and last time I checked it didn't matter if you were disabled to cover your house and contents.

well yes people should if possible but surely you’re not so ignorant that you can’t understand why people don’t? Even if it was £2 a week (which it isn’t for most people) some people don’t have £2 a week spare.

Everyone should also have house insurance and travel insurance too - but I’m not naive enough to think everyone does!

We have it but it is expensive! No way can everyone easily afford it. Naive at best.

My DD is over 18 now, and we both had life insurance when she was born. And it wasn't £2 a week then either.

Unfortunately he fucked off not long after and I had to cut costs to be able to afford to keep a roof over our heads and food on the table, despite a ft job. I intended on banking the thousands he owed in maintenance for her future, but the CSA wrote that off so that was a no go.

I have my work pension (the one everyone gets) and I think that has a death in service benefit, so best hope I drop dead at work, also have now, a funeral plan. I've only been able to afford that in the last couple of years. There's been times in the past I've been tempted to stop my pension contributions too, bailiffs can be very 'persuasive' when they are collecting owed council tax, even when you're paying what you can afford.

I don't have a mortgage because the ex wrecked both our credit ratings so no cover there.

I'm in a better financial place that I've ever been right now, but still can't justify the premiums because I'm trying to support DD through university so she doesn't have to live the life I have.

So you can take your "It's the responsible thing to do as a parent" and stick it where the sun doesn't shine quite frankly because you have no idea what life is like for people not in a comfortable little judgemental bubble.

So you're not disabled or have long term health issues?

Like most people with a salary, I have a significant death in service benefit and so does my DH. We have family critical illness through DH work for around £50 per month.

Surely your need for life insurance depends on your other finances generally, too.

And not forgetting pets either, poor things

I agree but for a lot of people it’s another unaffordable expense. We got it when we bought our flat (no kids) and it’s about £20 a month. But that was a low-ish payout, both young and no health issues.

Most professional jobs include death benefit as part of the company pension. Usually 4x salary.
I have always relied on that, but had a gap when I was made redundant, so watch out for that.

We have £150k cover and it costs us about £50pcm each. I check/update this regularly so no idea where you're getting £2 cover! £150k would only cover our mortgage so would still leave over £1k of bills so certainly wouldn't allow either of us to take time out of work but we feel is necessary and can (just) about afford it at the moment. People are struggling to heat their homes and feed their kids so I'm struggling to see how you're so shocked people don't have LI.

On UC, I can't afford £2 a week.

You sound like a control freak.

Was going to say the same.

Insurance = the disease of the western peoples (to misquote John Cheese, the original quote would see me cancelled)

We have it but it’s £91 a month so not £2 a week. We also have death in service benefit through work

In an ideal world we would.

Actually, in an ideal world we wouldn't need it because we'd all be taken care of in times of need.