Life insurance need to leave lump sum for dss, live with dp

[CuriousMama]

Dp isn't dad to dss. Dss see their father every weekend but he's terrible with cash. I need to know a fairly inexpensive way to guarantee a cash sum if I die? I think it may be high premium though as my dad died fairly young, 56, my sister 51. One heart the other cancer.

Can anyone advise? I don't work at the moment so it'd be the best value one I'm looking for, which I'll up when I get a job. I say when? Am looking but it's difficult finding one.

Any help much appreciated. TIA

bump

Who owns your house? If you don't have savings then I would think that you would need a life insurance policy, but I have no idea what the best ones are. I know when I took a policy out I was 19, and I had it for my mortgage and say I needed £60k the minimum payment gave me £250k of cover, as with my age and lifestyle thats how it worked out, but I'm affraid I know nothing about life insurance really. I'll hang around though for someone wise as I would like a policy for my DD

I'd also ask if you have assets, savings, a property, anything like that? I you do, you can make a will and include a simple cash bequest for your DSS. How old is DSS? If he's under 16, you could set up a regular savings plan in his name and let him have the cash when he hits 18. Or you could set up a savings plan in your name and either leave it to him in your will or hand it over while you're still alive I'm being optimistic that you'll make old bones here!!!!

Friendly Societies are a place you could look for affordable life cover. 'Family Investments' for example is a friendly society linked to Aviva. I just ran an example using my information and a £10/month premium would get me £43,000 cover up to age 70.

Thanks, dp owns the house he has cover for that if he dies but we aren't married so it'd go to his dd.

I have no savings. I just wanted a policy that I can pay into monthly that'd give a lump sum if I die prematurely? A few old school friends have gone too soon so this has prompted this really.

Start looking around on the web for a basic policy, I think you can find some on sites like go compare etc but its certainly not difficult, or give a couple of the companies a ring and speak to the staff, tell they how much you can afford to pay and they will be able to advise you on the best product for you. Ring a few though as each company wants your business so what they say is best for you may not be as good as you can get elsewhere.

Thanks oreocrumbs.

I got a quote from Aviva and for £10 a month the payout is over 70K.

Well that sounds ok to me. Do get a few quotes though, and make sure you have a will that states your intention for that money to be for you DSs, presuming if you did die and they were still children they would go to their father full time, then you may want to put a note in about what it could be spent on. So say you have £70k to leave them, I believe (but I'm not sure) that their guardian could spend that money in raising them if they want to. So your ex could have spent it by the time they are men. You would have to look into that with someone who knows a bit more than me though!

E.g I'm trying to sort my will out, and should I die while DD is a child and needs to be 'raised', then I want a portion of my money to be put aside to effectivly pay my DM to give up work and held DP raise her. The rest of the money/property will be for DD to inherit when she is 25.

Thanks for that good idea to make the will. Ideally I'd like dp to raise them but he couldn't give up work on that amount. Plus their father would. God I'd hate that to happen. He's a nice enough man but totally useless.

Its awful to think about isn't it, but all we can really do is prepare things to the best of our ability, and hope we never need it. And as long as children are safe and loved they will muddle through alright and thats the main thing

2 ways to skin this cat, after all if you die then someone will have to be guardian to your DSS. The money will be in trust and administered for them by the person(s) you stipulate in your will (I assuming you have custody??... - this BTW is not my area of specialism so I may be inaccurate to say a will can mean your ex doesn't get custody). You MUST however make a will (tenminutewill.co.uk - not connected to me but cheap and easy and effective).

Family income benefit is a decreasing term policy that will give a fixed amount each month that can be used to pay for anything necessary for your DSS - I think this is also a great way of not adding a layer of complexity to the admin of the funds if they were a lump sum involved. As it's a fixed term and each year you survive means the cost to the insurance company is reduced, this can be a very cost effective option.

Term assurance - fixed sum for fixed period (until DSS are 22 is common). Cheap as basically it's a no quibble policy, you're dead or you're not!

By the sound of things you may have some underwriting issues (family history) and this may add to the cost, but you MUST declare everything (doc visits, all history, be full and frank). If you do not then the policy will be void and it will not payout.

Thanks yeahyeah. I'd definitely declare everything would hate to think it'd be null and void.