To be 42 with kids no life ins?

[ididabigfatsmelly]

As above in title

just asked my sister her thoughts and she said well I don’t work so does it matter? Which got me thinking as I’m clueless.. I don’t work no, my husband does as I’m home with kids as no childcare..

As you haven’t got kids, life insurance might not be needed. Depends if your DH can pay the mother without your earnings.

Your posts need to be clearer OP. I’m assuming you have kids, id want life insurance. But would your husband not inherit your pension anyway? Maybe that’s enough

We both have life insurance. We both used to get it through work now neither of us do. We put it in place when I was pregnant with DC1 to cover the mortgage plus some wiggle room. We ought to have also thought about covering uni expenses but at the time we weren’t thinking about that stuff. Got life insurance to last til youngest was 18. We’ll be extending it by 4-6 years now we are closer.

If you were to die, or become seriously ill, who would look after the DC so he could continue to work?

If he were to due, or become seriously ill, where would you get income from to cover your household expenses?

Does your DH pay in to a pension for both himself and for you? Should he die, what pension entitlement would you be eligible to of his?

If you were both to die, do you have wills in place with named guardians for your DC?

All very dull, but entirely essential stuff.

Yes OP i have it and I think it’s a good idea for you to get it even if you don’t work. If touch wood anything happened to you your DH would need to pay child care or probably have time off to be with the kids.

Also I have a friend whose DH died before he was 40 while she was pg with their second child. Helps focus the mind on what you need to put in place when you see it up close. (Her DH had life insurance.)

It’s not an American thing.
It’s a ‘ I want to provide for my dependents’ thing.

@ididabigfatsmelly it is definitely advisable to have life insurance for all the reasons PP have listed above, but ultimately, it depends on whether a) your husband could look after the children in the event of your demise, and / or b) what those needs look like.

As has been stated, life insurance gets more expensive as we age so if you are thinking about it, make your decision quickly.

For what it's worth, I have had life insurance since I was 18. I ride a motorbike, so have had a policy that covers me in the event I get an illness or injury (or die), and cannot work. Additionally, I had life cover through work.

I do not have children, and was not married when I took it out, but still thought it was a good idea. I am mid fifties now.

Have a look into what would happen if one of you died. Do you have life insurance through work, or a spouse pension, or a pension pot that will be given to your partner?

We took out insurance when we bought our first house and increased with first baby, it runs out soon and premiums are hideous but work life insurance and pensions would be reasonable, we've paid off mortgage, DC are no longer little and we have good savings.

MUST you have it? No. Lots of people are single parents and manage.

Me too and my heart sank at the thought of no lie ins

Im less concerned about life insurance. I see it as a bit of a con in some ways. Most people have a work place pension that will pay out in death to the spouse or named person.

Same

Yeah, money to live on and provide for your kids in the case of your untimely demise is definitely an American thing.

Yes, you should have life insurance. If you died, how would DH support himself and the DC, given that you say you have no childcare support from family?

🤔🤔🤔🤔🤔

Your husband should get it so you would have money to live on in case he died. He has an income and you don't.

He should have it
Because if he died (sorry depressing but this is what it’s for) you would have no income.

It says with kids, no life ins(urance). Doesn't it? Perhaps she edited it.

Either way the answer is "It depends". There's not enough information.

1. Can you afford life insurance payments?
2. Do you have any savings (enough to cover a funeral at least)
3. do either of you have youngish parents locally who'd step in to help with the children if you died?

Life insurance is a good idea, but you can end up paying for all sorts of insurance and essentially it's like gambling - hedging your bets and those of your children against the worst case.

My friend's brother's wife died unexpectedly (pulmonary embolism) a few days after the birth of their third child, and he went into crisis and spent the life insurance with a new "partner" who left him as soon as it was spent. Their (my friend and her brother's) parents took the children in and eventually he moved in with them too - the life insurance didn't help there!

On the other hand the daughter of one of my sister''s friends died and the dad (who is actually only biological dad to one of the children) really stepped up and the life insurance money allowed him to take a lot of time off, and go part time to be there for the children.

It's a good idea but you can't control what's done with it obviously.

Anyway your (OP's) husband would need to pay for it and it's him who'd use it. Have you discussed it OP? Presumably he has life insurance?

So basically you're asking if you should have life insurance even though you don't earn anything? It's always a good idea, I'm a SAHM, our mortgage is paid off and from September both of our kids will be in school so from a financial perspective there's no need for it. But I'm still insured for a relatively modest amount (200k) because what if the kids or DH didn't cope and he needed to take an extended amount of time off? It just gives some extra security because who wants to be worrying about the bills if their spouse just died? Even if he didn't end up using it, he'd just add it to the kids savings.

You probably need critical illness cover as well.

What would your husband do for childcare if you had an extended period in hospital? Is there family to step in and help.

Unless of course you are very comfortable financially with huge savings to cover all of this.

If you are in decent health, life insurance is cheap. I've always had it.

Put it this way, there are two types of parent-widows; Type 1 can survive financially as a single parent, including potentially giving up work for a while to stay home with their grieving children, and then there’s the other kind.

Type 2 who suddenly can’t afford the house they live in on one salary, or lose their job as they now need to care for their children and they can’t afford a nanny, and other childcare options don’t cover work shifts/work + commute. Ones who are not only grieving and parenting grieving children, but are also thrown into poverty, sometimes even homelessness.

Life insurance helps you to be type 1, along with marriage, a will, being named as the beneficiary of your spouse’s pension and death in service amongst other things.

No one likes to prep for death, but no one wants to be homeless either.

OP, can your partner afford to work and pay for childcare and the house and bills etc if you die? If not, then yes you need life insurance.

Yeah. I had cover until I paid off the mortgage. But I also have death in service cover with my job.

I am in my forties, single, no kids, excellent life insurance with critical illness.

if You died tomorrow, could your husband afford to take extended leave from work? Could he afford grief counseling for the children? Could he afford childcare when he returned to work?

Does he have life insurance?

Who is your life insurance for?

I think you are going to have to expand on this one🤣.

The majority of adults ages 25 - 55 in the uk have life insurance.