Lone parent with mortgage - should I get life insurance?

[changeofname0987]

As the title says really...

I have a mortgage, will need to work until I'm 67. I'm okay financially though not too much wiggle room each month. I'm considering life insurance but it's so expensive. If the worst was to happen, my DDs would go to their (fairly wealthy) dad anyway. And if I make a will that leaves everything to my DDs surely they'd be financially ok?

Grateful for any advice.

Life insurance for death-only is not expensive. But the costs do rise sharply when you look at adding critical illness or income protection. Depending on your age, health and employment status it might be appropriate to look at a mortgage payment protection policy alongside a life cover plan.

I agree that you need to think about what would happen in the event of serious/terminal illness or accident leading to long term disability/inability to work, as well as death. Grim as it is, sometimes the latter is easier to manage (financially) than the former, if for instance you are left needing long term care and/or can't work then you and the DC still have to live, of course there is some state care/assistance available but it's not easy for kids to be brought up in that situation (I speak from experience unfortunately).

How is your relationship with your girls' Dad, are you confident he would do the right thing by them (and by extension, you) in the event of your serious illness, where it might not be as simple as they just move to live with him? Does he live nearby? If you could no longer pay the mortgage would the house have to be sold quickly? Do you have a cushion of savings that could cover at least a few months expenses in that event? What is your work situation, do you get reasonable sick pay and also do you have provision (usually through your pension) for ill health early retirement and/or death in service benefits?

I don't think it's always an irresponsible choice to not have life insurance (as you say it is expensive and if money is tight anyway it can be a struggle to afford, causing suffering in itself), but I do think you need to have a think through all scenarios before making that decision...

Thanks so much for these super useful points. I hadn't quite thought it through the that degree... And @maxelly sorry to hear about your experience.

I don't have much in savings but could cover a couple of months' mortgage. I have a positive relationship with DDs' dad (the one thing about him is that he's decent where money's concerned) but I wouldn't put any faith in him supporting me financially if I was unable to work due to illness. Think I should probably get life insurance for the peace of mind... thanks again!