I'm fairly new to this, more of a lurker, so any advice would be gratefully received.
We have separate bank accounts, DH is quite keen on saving his money, all bills get split in two as we earn more or less the same salary. I am currently on mat leave after DC3, so at the moment, am just getting SMP. Prior to that, I worked full time although I now need to reduce my hours with having 3 DCs.
Anyway, during an off the cuff conversation at the weekend, DH says he would like to reduce his outgoings. One way he wishes to do this is by cancelling his life assurance, which, at his age (late 40s) is about £90 per month. This life assurance was taken out to cover the mortgage etc if anything were to happen to him. I have one too. DH's father died of heart disease in his mid 50s, so I see it as a necessity, after all you never know what's around the corner.
I would also like to think, and I'm not trying to be morbid or anything, that DCs (all under 5) and I were looked after should the worst happen. I have a few policies of my own as I would like my loved ones to be protected.
I asked him what we would then do if anything happened to him...his answer would be we would have to sell the house.
I feel he's being a little unfair on us as he can afford the payment. He also manages to save every month and we don't really struggle. Ok, we don't have fancy hols etc but we do ok.
He doesn't want to discuss it.
I know some people see this is a luxury. I would just hate to think that something were to happen to me and my loved ones,especially my small children were struggling as a result. I know also that the likelihood of the worst happening is small but maybe I'm just overly careful.