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..

It will pay off my mortgage, and then some. My sister will inherit. She is a single parent and I help out a lot.

Single people often have families and dependents. Their loss is often felt.

Most people have a work place pension that will pay out in death to the spouse or named person.

But op isn't currently working, so not accruing pension benefits.

IMO, anyone who has young children should have life insurance. Both parents. You don't know what might happen in future.

Yes, it is a good idea to have Life Insurance on both OP and DH lives.
if you died, your DH would have to find child care, wrap around school care, holiday care, etc (if he works, then it would be around his working hours).
Presumably OP (who does not work), does other things around the house, such as cleaning, or what we often hear as 'household management'. Then either DH would want/ require a cleaner, or have to do these things himself.
All this costs money, so some sort of Life Insurance on OPs life is worth while.
The same for DH, if he works, but died, then the loss of income would have an impact.
The first thing to know is do you rent or own, have a mortgage; how woud these be paid for.
Many parents who work have a 'death in service' benefit, so often do not bother with life insurance, but they could be made redundant one day, and have an accidental death a few days later, in which the death in service benefit would not apply.
Basically, think of what you (or DH) would have to pay extra for, if one of you died unexpectantly.
Many mortgage companies insist on a life insurance on the main earner at least for this very reason.

Why do you have life insurance?

See earlier posts. I have family. Single people often do.

I want to leave my lovely home to my sister. I want to leave a financial legacy to my nieces.

Husband works self employed with no life insurance
i I don’t work, looking for evening work or term time
we rent so so no mortgage

In that case if anyone should get it… it should be your husband!!

You sound quite precarious financially you both should get it so if one of you does die the other isn’t up shit creek tbh

You should def have life insurance. You can get a joint policy that would pay out on the first death- cheaper than two separate policies.

You should BOTH have it! Get a dual life policy, you need it if he dies! What will you live on? And if you die he will need it to cover time off and childcare. Silly not to have to be honest!

I’ll guess money is very tight and not much if anything left out at end of month?

Please get life assurance for both of you, ideally a minimum of 250k joint cover, more if you can especially if you have a large mortgage. You do not know what will happen. Term life assurance isn’t that expensive and will protect whichever parent is left if the worst happens. My exh didn’t despite me lecturing him and it’s too late now

Life ins is closer to lie ins than life insurance, and lie ins are something most parents go without.

To answer your question, yes it's very bad and you should sort it asap.

I’d suggest both of you getting it.

We both have it and it’s worth about £300k. We have 2 young kids.

Husband needs life insurance first, so that if anything happened to him, you have something to tide you over until you can work. There are different levels of life insurance so he can choose a level he can afford. You can also choose an account that pays X amount whenever you die, or one that pays X amount now, but pays less next year, and less the year after that. The latter are cheaper too

I took one out for me, so that it would cover wrap around care at school and holiday clubs for the kids so that dh could continue to work. Again see what you can afford . . .

Fucking hell. He’s self employed and you’re not earning. Yes, both of you need life insurance. Tonight! Have you made wills?

My Dh died unexpectedly at 52. He wasn’t earning and he was uninsurable by then, too ill. I had some other things though, like inheriting his pension, and thank goodness I was working full time and was able to take some paid sick leave while ds and I were in shock. Life was much harder than it would have been with life insurance though.

What's stopping you working?

Yes your DH needs life insurance! And preferably you as well.

Please tell me I will have lie ins when I get to 42 🙏

Unless you have health issues and are an older Mum it should be really cheap to get a decent amount of cover
My DC are grown up but we made sure that if I died DH would be able to afford full time nanny etc
If we both went then there needed to be enough to allow the person we nominated to care for DC to not need to work till they left school

I find it astonishing that anyone who is pregnant doesn't start a life insurance policy immediately. Terrible things can and do happen, how would a husband or partner cope if the woman died in childbirth. How would he manage to earn and run a house in the midst of grief with a tiny baby. People should think about the worst that could happen and prepare for it.

When I was first pregnant my husband and I calculated how much we would need, taking into account death in service benefits, pensions, mortgage etc, so that if one of us were to die, the other would be financially well off enough to have a house with no mortgage and enough not to have to work until the children were well into secondary school, and we set up the policies accordingly. We also made wills at the same time.

Well the worst did happen, I was a widow in my early thirties with 2 very small children. I was so thankful for that life insurance policy. I had to deal with my own and my children's grief and the massive upheaval in our lives, having a fully paid for home and plenty of money meant I didn't have to work or worry about money and could concentrate on trying to give my children the best and most normal life possible.

They are adults now and very happy and successful. I do think that if I hadn't had that life insurance and had had to struggle financially ( which is also very hard mentally) their life outcomes might have been very different.

This.
Unless your kids are financially independent adults, you need life insurance.

If you’re the bread winner then your life insurance will be needed to make up for what you would have been earning.
If you’re a SAHP then your life insurance will be needed to cover the cost of the childcare you no longer provide.
It’s pretty simple really.

Wow, so if you both died then your kids would have nothing beyond the contents of your house and bank account? Who would look after them? And how would they afford it?

I’m a single parent and have always made sure I had good life insurance. My kids are 20 and 17 now, so less of an issue (although I still have insurance), but when they were little I wanted to ensure that there’d be plenty of money, so they’d never be an inconvenience for anyone.

Get a dual life policy, you need it if he dies! What will you live on? And if you die he will need it to cover time off and childcare

And if you both die, whoever becomes guardian to your children will need it to provide a home for them and pay for their upbringing.

We had to get it when we bought our house- so the surviving spouse can pay off the mortgage and own the house outright.

I don’t work but I still have Life Insurance just for that extra help for my husband and children. Funerals arent cheap!