Is life insurance needed

[mummyof2boys30]

Currently have life and critical illness insurance. £30 per month. Took out with mortgage and to be honest didnt even realise i was still paying it, until left my job so trying to get budget in order.
So basically we pay £30 per month. Have 2 children. Both in our late 30s. It covers up to £76000 however only 29k left on mortgage. Im clueless about these thingss
Thanks

It is needed, especially if you have children. It will the house can be paid off and if anything happens to you it will help their other parent pay bills, manage on one income etc. I have life insurance that is a lot more than any debts I owe so my DDs quality of life will not impacted if I was to die

Absolutely keep the life insurance, but maybe look on comparison sites to see if you can get it cheaper - I've just sorted an additional policy and wouldn't say your coverage is that great for the price you are paying, but it will all be relative to your health history etc. If you decide to re insure elsewhere make sure you are aware of the differences between critical illness and terminal illness cover - I wrongly thought they were the same thing for years!

Yes. I'll never forget DH (who is a financial advisor), having to start the claims process for a client who lost their partner in a horrific accident. It made their life bearable, not having to worry about money.

DO check your insurance, make sure it's still suitable & do a comparison to ensure you're getting the best cover.

Yes the life insurance is needed though check the terms. You need one that isn’t just paying off your small mortgage. It needs to be a large lump sum to cover mortgage but also living expenses for many years.

Absolutely keep it. I had a brain haemorrhage six weeks ago and am not supposed to work for a while (self employed). The lump sum from my insurance will enable me to prioritise my health.

How have you only got a mortgage of £29,000 when you're only late 30s? How have you managed this in the stratosphere expense of today's housing market?!

OK, imagine the worst.
One of the adults dies (or becomes unable to work if there is illness on there too).
Can the remaining adult continue to pay all the bills (plus any extra childcare required?). Can foot be put on the table, and the heating put on? If the answer is yes, you cab live without the insurance. If the answer is no, you need life insurance.

It's not needed... until it's needed! Better not to cancel it if it's not unaffordable.

We had both these insurances and when we were struggling financially we considered cancelling them. I'm glad we didn't.

At 55 my DH was diagnosed with his first lot of cancer. The critical illness payment of £50k was paid out very quickly. Sadly DH died this year aged just 59 and the life insurance paid off my mortgage. Even when your mortgage is paid off you should consider taking out new insurances, unless you're very well off and won't need any financial support if your spouse/partner was incapacitated or dies.

None of us knows what's around the corner.

Live in Northern Ireland and bought when i was 20 before the market jumped. Just very lucky. Thanks everyone will definately keep the cover but price around.

Thanks and so sorry for your loss x

Thanks, i hope you get well soon

Definitely keep it. We didn't take critical illness cover, which I really regret now