Mortgage is almost finished and very low, but no life insurance, what would you recommend?

[mummatotwo]

says it all really have around £20k left to pay over the next 5 years but no LI on my hubby some one on me

He's 53 btw so not sure where to start as Im assuming premium would be quite high but woudl be nice to have some kind of security for both of us over the next few years for our one DS

The question you have to ask yourself is if he died would you be able to pay the remainder of the mortgage? If yes, then don't bother with life insurance. If no, do!

It's not just about paying off the mortgage though so I don't understand why people on here often say only to have it if you have a mortgage. If I died I would hate to think that DH would still have to work full time and have to rush back to work and not spend some time with DD at home right after she had lost her Mother! If either DH or I die then the life insurance is enough to clear the mortgage and have about 5 years worth of our joint salary in the bank. This is in addition to the money DD would get put in trust for her.

Well, not only pay the mortgage, but all the other monthly outgoings... your 'living expenses'.

x post

You can arrange family income benefit on a joint life basis as well. It is designed to pay your monthly expenditure (annual lump sum) until your youngest child is 18. Although you can have it for any reason regardless of whether you have children or not.

After a long story on the Ebay boards about a lady whose husband died uninsured and she could no longer afford to run her home and pay her kids bills, DH and I took out life insurance.
We have £200k each - separate 20 year policies so the kids will be doubly protected if we were both to die - it costs £21 for DH and £19 for me per month : we started the policies at 45
When that policy ends we will take a view if we need to buy a different one.
NB joint policy was a much worse deal than separate

Therefore the kids can still do Uni and buy houses and live well even if one or both of us is not here

My suggestion is to take a realistic and hopefully non-morbid look at what you'd like the future to look like in the event of one of you not being around. Take the income of that person out of the picture, stack it against the costs of running your home etc, and what would life be like for the surviving partner? If it wouldn't be too drastic a financial impact you might decide, rather than life insurance, that you'd be better off building up your savings/investments, paying off the rest of the mortgage, that kind of thing. If the effect would leave the surviving partner in difficulties, insure for a suitable amount but review it regularly.

If you're thinking about both of you going and what would be left behind for your DS then you're in the territory of inheritance. Have you made wills?