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Relationships

Mumsnet has not checked the qualifications of anyone posting here. If you need help urgently or expert advice, please see our domestic violence webguide and/or relationships webguide. Many Mumsnetters experiencing domestic abuse have found this thread helpful: Listen up, everybody

pensions/life insurance

72 replies

highheelslipgloss52 · 16/02/2021 21:18

So myself and husband have life insurance, just to cover the mortgage. We have a large age gap, I am the younger one, therefore I have my own private life insurance which pays out to my husband and three daughters. It is a large policy. Husband only has life insurance at work so if he dies in employment they pay out. Therefore if he retires and then dies, I will get nothing. I need to be practical and sensible. Husband is bread winner. I would like to take out a policy now but as he is older it is going to cost a lot more. Husband is not keen. Says I should use my savings to live. Am I being unreasonable? Should I pay for him to have a policy or just invest the money in stocks and shares.

OP posts:
bulletproof49 · 19/02/2021 16:19

@Palavah hopefully we can chat about everything at the weekend, and he can understand my concerns regarding provision. Yeah I'm hoping he will disclose everything he has. But I'm being sensible in making sure I can provide myself with as much as I can.

ElizabethofpeanutYorkies · 19/02/2021 18:17

How long is on yr mortgage OP? Both you and DH have policies in force to protect your mortgage. At present, If your DH passes during mortgage term your mortgage will be paid off as per the policies you have in place. His work death in service is an additional benefit.

So you are saying you want your mortgage paid off ( taken care of with mortgage life assurance) and then an additional lump sum to replace your husbands death in service benefit ,if he dies when he has left work?

If your DH dies before mortgage paid off, his life assurance will pay out, clearing mortgage. You will then have full ownership of property and property paid. If he dies having retired your property will still be paid for. If he dies while in employment your mortgage will be paid and you will receive a lump sum from his employers.

Are you now saying that you would like another sum of money available to you upon his death should he die,once he has left work?

These policies cost money. How much money do you think you will need OP once he is dead and you own house outright?

If your DH does not want you take out any additional cover on his life, i would respect that. He has put in place enough to secure you and your children by securing your home.

I have exact same in place, that your DH does and i am single parent. My DC's will inherit house upon my death, ( insurance will pay any outstanding mortgage ) my savings and any death in service , if applicable. My children can sell my house, release the money and use it to buy their own homes.

What more money do you want from your DH? You have a job and work so can support yourself. How much more money do you need?

I have noticed in your posts a lack of affection for your DH. You have complained about possible house downsize if he dies. You do not refer to your "DH" particularly affectionally .

As by your own admission you will live longer, maybe you put in place finances to secure your own future and not rely on the death of your DH?

ElizabethofpeanutYorkies · 19/02/2021 18:30

"@bulletproof49 @Palavah hopefully we can chat about everything at the weekend, and he can understand my concerns regarding provision. Yeah I'm hoping he will disclose everything he has."

You can talk to me this weekend sweetheart. Lets discuss what he has, lets also discuss what you have. Lets discuss. Here all weekend, will fit in with you.

ElizabethofpeanutYorkies · 19/02/2021 18:39

@bulletproof49 let me know when you are free to discuss. I have cleared all of tomorrow to be available for you.

ElizabethofpeanutYorkies · 19/02/2021 19:34

"@bulletproof49 @HauntedPencil I think I was after his money "

😂😂😂

bulletproof49 · 19/02/2021 20:02

Aww thanks so much @ElizabethofpeanutYorkies to be honest looking at all you have stated, I don't think I need to worry. I had actually stated that my husband was a really decent guy and have a loving marriage. We have been married a long time. I'm going to just invest in stocks and shares. I had a good call today with pensions profile today. I've got another call next week with another company and then I will decide who to invest with. I was just a bit shocked after speaking to friends what they had in place compared to me. But everyone's situation is different. Thanks for taking the time to write a detailed post, so helpful xx

ElizabethofpeanutYorkies · 19/02/2021 20:21

"@bulletproof49 I had actually stated that my husband was a really decent guy and have a loving marriage "

I must have missed that post?

You don't need to spk me or @Palavah then?

bulletproof49 · 19/02/2021 20:32

@ElizabethofpeanutYorkies @Palavah sorry I meant my husband and I were sitting down together to through what each of us has. Sorry for the confusion. He is understanding in that he will have a look what are covered for each of us and then decide together if we need anything further. Thanks again you are both very kind ❤️

ElizabethofpeanutYorkies · 19/02/2021 20:45

"@bulletproof49 . I had a good call today with pensions profile today. I've got another call next week with another company and then I will decide who to invest with."

Alrighty then! I... I , I...

"sorry I meant my husband and I were sitting down together to through what each of us has."

Hope your DH is included is all your I, I ..I ... pension profile/investment discussions. Shared assets and shiz... what's his is yours and what yours is... yours?

Pegsonstrings · 20/02/2021 01:24

I work within life insurance so depending on his past and current health and age there are a few options. Taking out a policy later in life can be vise. If there are health issues such as high cholesterol, di, BMI a medical report may be needed as well which once underwriters have assessed it may even be costlier with added exclusions. But worth checking if health is good

Pegsonstrings · 20/02/2021 01:25

Diabetes that was meant to be

VanGoghsDog · 20/02/2021 01:32

[quote lockdownleveller]**@bulletproof49* @highheelslipgloss52* , whatever your name change... have you thought further about getting yourself a job and supporting yourself ? Opposed to waiting for yr DH to die and getting his life assurance? [/quote]
She's got a job, she already told you. Stop bullying her.

bulletproof49 · 20/02/2021 07:09

@ElizabethofpeanutYorkies absolutely shared investments, husband is already aware of my life insurance I have in place for him and children. He has a copy as I've prepared a file for him and my children.

bulletproof49 · 20/02/2021 07:10

@lockdownleveller I probably earn a lot more than you! 🤣🤣

Ivy48 · 20/02/2021 07:18

Well for a start you can’t take the cover out without him signing his consent. Some companies run to age 90 but that can be expensive but it’s also better to take it out now when he’s younger and potentially less health issues and run the policy for 20/30 years than wait till he’s 50/60 and only take a ten year plan. It would have to be renewed at 70 etc and then the premiums would be very high. I work in life insurance so can give you agree pointers. I do think it’s unfair that he’s not making plans for you, what about a joint policy? You’re both covered and can continue to look after the kids comfortably. If you’re unsure definitely seek out an IFA for a chat who can assess your needs, what kind of income amount you’d need if he were
To die. But if he won’t consent to life insurance you have no option really but to save you’re own cash as a provision.

bulletproof49 · 20/02/2021 07:28

@Ivy48 I would never take out without his consent wouldn't even enter my head. He did say yesterday if we needed any thing extra once we have gone through what we have, he's happy to do. He's not saying no but saying let's see what we have in place. The joint policy is decreasing term mortgage cover. It's a good option to invest in stocks /shares as I pay £250 a month for life insurance that's without being seen by underwriters. I may as well do an investment style of savings!

JamMakingWannaBe · 20/02/2021 07:49

That sounds like a very expensive policy.

Ivy48 · 20/02/2021 08:03

That’s a good idea, if you do go for life insurance don’t bother with decreasing term, unless it was for a mortgage. Your premiums stay the same but you get less paid out. Might mean having slightly less paid out because of monthly cost but always go for level term if you do :)

ifadirect · 13/07/2021 15:41

This reply has been deleted

Message withdrawn at poster's request.

CastawayQueen · 13/07/2021 17:36

You got together with him when under 18 - but you call your daughters 'my girls'.
Aren't they his children too?

FaceyRomford · 13/07/2021 19:56

@LouiseTrees

Em. Don’t you get half his pension if he dies in retirement?
Not necessarily. A half is the usual fraction but I have run pension schemes where it's been as little as and eighth or, in one case, no widow's pension at all. The OP needs to check this now.
TeardropsFallingOnHotSand · 13/07/2021 20:48

Is this a Zombie thread or not?

Either way, not sure I know who is who know with the name change fails. Just wasted 3 minutes of my life.

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