Do you have life insurance?

[WaffleDogg20]

im a SAHM with a part time job. I absolutely love it but the only thing me and DH argue about is that I don’t have life insurance and he really worries how he would manage with 3dc and working/ paying for the mortgage etc.

so iv decided I should get it really just incase.

who are you with and what do you pay?

I would advise doing it through a broker/ financial advisor. They will get you the right level of cover for the best price. They will also prompt you to review your cover periodically to make sure it still suits.

DCs are now adults but as a SAHM/Carer many years ago a financial advisor valued my role at nearly £100k per annum (ie what it would cost DH to buy in services to replace my role and enable him to carry on working/earning). So yes, I did have life insurance.

I have life insurance that pays off the mortgage and also a second policy from Aviva that pays out a six figure lump sum so there’s money for day to day living costs as well.

If your partner doesn’t earn enough to support the kids on his income alone then you should definitely consider it, as should he.

Do you get death-in-service benefit from your employer? Would it cover your outstanding mortgage?

My dh had death-in-service which would have been sufficient for me; I was self employed so I took out life insurance sufficient only to cover the mortgage. If you are relatively young the risks are pretty low so it shouldn't cost too much.

Does your dh have life insurance?

I have royal London and legal and general. I’m worth over £1m dead

We had our cover through a financial advisor it pays off the mortgage with a sum left over. Plus I also have death in service cover through work so fairly well protected. I would advise seeing a qualified advisor and they can work out how much cover you’d need and give you a price accordingly

I have life insurance taken out at the time of our mortgage which essentially clears the mortgage should one of us pass away. Plus 100K payout

I also have a death in service policy in work which will pay 3x my annual wage to me DH in the event of my death (plus 5% to any dependent children). My DH also has the same

No..I've paid for my funeral.
I paid for my house out right.
I gifted my two daughters a million each and bought them an house each.
Grandkids are taken care of too.
My will is made.
Everything is cosy here.

Of course. One of the first things I did after applying for child benefit (did things a bit backwards and had kids first!) we have individual life cover up until our youngest is 21. Why would you argue about it? Just get it, it's your responsibility.

yes we pay but statistically you’re far more likely to not be able to work due to illness than die, so IMO it’s more worthwhile paying for critical illness cover, but that’s a lot more expensive

i don’t personally think I am with insuring (DH definitely is, earns 3/4 times what I do), he felt differently though

Yes, took it out through our financial advisor when we bought a house. Husband and I often joke that finances would be better if one of us died 🤣
We also have critical illness cover each

Oh wait you're the one reluctant to get it, yes of course you should!! It's very selfish you haven't so far. Even if you don't earn much, if your DH was left with 3 kids on his own how would he manage to work, the house and 3 kids on his own? Your financial contribution extends beyond your part time work.

I've got a policy with Aviva that's to pay off the mortgage if anything happens to us and my financial avisor sorted it, and we have another policy that would just be for anything it was needed for with Zurich. I also have death in service through work, dh is self employed so I'd not get the same benefit.

I do through work there is a basic level and I do salary sacrifice to increase.the level to 12 times my salary

Yes, we both do + critical illness. Enough to pay off the mortgage. We’ve also both got reasonable >200k death in service payments

You can get life insurance with critical illness cover included, ours does.

I personally don't rely on work related payouts because if you leave that job for whatever reason and then have to take out your own insurance it could be a lot more expensive to do if you've developed any kind of medical conditions in the meantime or just generally being older (though appreciate the older you get the less you likely need as kids grow and mortgage reduces) my work policy has always just been a bonus.

Yep, definitely. Life insurance, income protection and critical illness cover.

Through a broker.

Yes because we still have a mortgage and would struggle for childcare if either of us became a single parent. It’s £300k none depreciation for 25 years I think

Yes indeed ours are both through Royal London, two separate policies though
you can get them separately or together or one or the other

Yes, we've both got death in service and a hefty life insurance policy with L&G for £106 a month.

Yes. Got it very early on for both of us. Paid off the mortgage if he died. Would get a nanny if I died. It is about to end so I need to die in the next 20 days for the kids to get any money.

HSBC £8.75 a month.

Ye me and hubby have it

Yes, the younger you get it the better value it is.

We got life insurance and critical illness cover when we got our mortgage. £45 a month for both of us with Aviva.