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?

Yes we got life insurance together when I was expecting our first - we weren't married at the time so wanted to be extra careful but we've updated it as we've gotten married/moved home/had more kids.

It doesn't hake long and is very much worth it for the peace of mind.

Does your employer offer any death in service venefit or does your pension have a partner benefit if you die?

Yes ! Always have had it.

I don't have a mortgage to pay but DH and I both have life insurance with critical illness. It's not a massive amount but would enable one of us to have a couple of years off work whilst the other one was dying/dead.

No, tried earlier this year and got declined. It does stress me out tbh but I do have death in service which would provide about 100k. Going to wait now until I'm 50 and get one of those "no questions asked" policies and a free fountain pen.

No. To be honest, it just seemed like one of those things only homeowners have, or people with kids... none of which apply to me.
I am very financially illiterate though.

@IKnowAristotle Did you use a broker? They can try other insurers for you. Just because one has declined you doesn't necessarily mean they all will. Those over 50 plans are often not good value. They're a last resort really so it's worth exhausting all other options first.

Yes. I have a policy that would give DH €200,000 in the event of my death. He has the same.
We also have mortgage protection so our mortgage would be paid off by that policy in the event of either of our deaths. You cannot draw down a mortgage in Ireland without it.

Me too! I had a pre-stage 1 melanoma removed last year and now can’t get life insurance. It’s ironic really because the melanoma was only found because I’m so vigilant about my health! Three doctors said it was nothing to worry about but I pushed for a removal and a biopsy anyway. I feel like I should be rewarded with cheqp
life insurance for being so cautious 😂

No, mainly because I have a decent sized death in service benefit from work. If that changes, I'll get insurance.

No. When I was young mum with a mortgage had endowment mortgage plus work pension that paid 3 times salary upon death. I'm early 60s now so don't need any back up plan.

We have a joint policy with aviva that pays out about £400k. Cost is just under £40 a month I think. Plus death in service from work.

I meant to add that we also have critical illness cover.

No, I don't have any kids so I don't think there's a need for it. I have critical illness cover though as I live alone and would be financially vulnerable if I couldn't work due to an illness.

@WisteriaSister You should be able to get insurance once a bit more time has passed since it was removed. Try again in a few months. Early stage melanoma doesn't make you uninsurable for ever.

I have a death in service payment. Thankfully my DC are grown up now (youngest is 16) as I always worried about this, though not a financial worry, as their dad (my ex) has enough cash, day to day he would be ok, but making appointments for medical etc and christmas / birthdays would have been very different.

No because nobody will insure me with all of my chronic life-long but not terminal (or likely to kill me) diagnoses without a hefty monthly bill.

Yes
I pay £15 a month and it pays out £350k I think. Everyone w young DC should have IMO.

No, we don't

Is your cover hsbc life? Did you get it with hsbc mortgage with a hsbc mortgage advisor?

Yeah I do I have 5x my salary
IP
Critical illness and a separate life insurance policy for my mortgage

Yes I think and no as didn't have a mortgage.

Always had it, to pay off the mortgage. Now coming to an end.

just being nosey! Was going to say I nearly took that out but then did some other research and found cheaper for the same, but the hsbc advisor acted like it was the only option, turns out it was the only option they could sell. But moot point for you as you didnt take a mortgage :)

This was 23 years ago too.