Do you have life insurance?

Krypton

New Member
Location
UK
I know it doesn't matter when you're young and carefree, but this past few weeks I've decide to get some life insurance to make sure the family/mortgage is covered if I happen to meet my maker earlier than my current plan of living to 150!!!

Having spoken to workmates it seems like not a lot of them haven't bothered as they'd rather spend the money now or don't want to spend their cash on a maybe.

Are you financially savvy or a spend-it-now-cos-you-can't-take-it-with-you type?
 
Are you not covered via work somehow?
 
OP
K

Krypton

New Member
Location
UK
I used to be, as part of the works pension - it was one of those "death in service" policies - but as I don't work there anymore it isn't valid anymore.

Besides they watered it down to a stupidly low amount over the years so it wasn't even enough to cover the house in the end.

I tell you what though, those insurance salesmen can't 'arf make you feel down ... ;)
 
OP
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Krypton

New Member
Location
UK
trustysteed said:
you'd be silly NOT to have life insurance if you have a mortgage.
I know, I can say that too now that I'm covered, but it's surprising how many people don't bother with isnurances.
 

mark barker

New Member
Location
Swindon, Wilts
I'm totally useless with money, always have been and doubt that'll change anytime soon, however I did take out a life insurance policy when my eldest daughter was born... I paid for my own funeral at the same time too!
 
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Krypton

New Member
Location
UK
mark barker said:
however I did take out a life insurance policy when my eldest daughter was born... I paid for my own funeral at the same time too!
Now there's a juxtaposition!!! <--- been trying to use that word on a forum for ages.
 

4F

Active member of Helmets Are Sh*t Lobby
Location
Suffolk.
Covered up to 250 K which would pay off mortgage and then leave about 100 k. Its my pension that I don't think I pay enough into
 

ianrauk

Tattooed Beat Messiah
I don't pay life insurance but pay quite a bit in a pension scheme and have done since I was 18.
 

Ste T.

Veteran
Hi A word of warning
You never know whats round the corner. I took out £40,000 worth of cover when we first got together to cover the greater part of the mortgage Then a few years later the kids came along so I decide to up the cover. I was going to get £100,000 for 20 years level term and at the time it would have cost about £24 a month. Not even a pound a day for peace of mind.
It would mean, if the worst happened, my wife could go part time until the kids were in high school or she could put it in trust for them. I kept meaning to do it but never got round to it.
Then before I knew it, BANG , heart attack at 47.:ohmy:
I can't complain, I've made a great recovery and despite a touch of angina now and again I regularly do 50 miles a day and am fitter now than I was ten years ago.
But here's my point ( yes there is one )
I contacted an insurance broker. Oh how he laughed . Most don't want to know and the few who do are so restrictive and expensive as to not make it not worth while.
If you love your family, do it now. I would do anything to go back in time to get the cover, but it's too late now.
It's money well spent. If it pays out,your family are safe, if it doesn't , it means your'e still alive. Yippee!;)
Oh and while your'e at it, be sure to do a will. If you pop off without one it doesn't all automatically go to your wife. Other people can have a claim (brothers ,sisters etc).
 

snapper_37

Barbara Woodhouse's Love Child
Location
Wolves
Life Insurance, Mortgage Protection Insurance and Salary Insurance (as the mean bastards here don't pay sickie).
 

Fnaar

Smutmaster General
Location
Thumberland
Covered for mortgage plus a lump sum for Mrs F if I pop my clogs first, and vice versa ... worthwhile... after my parents popped off, (D first, then M) found out that mum's repayment mortgage wasn't covered... I was only 29... hadn't considered these things... inherited a debt, basically :sad:
 

brokenbetty

Über Member
Location
London
I'm covered through work for 4 years' salary, which will be enough for my boyfriend to pay off the mortgage. His salary is enough to cover the rest of the house expenses and have a bit left over, so he won't be forced into moving just after a bereavement. He's not covered because if I had to I could cover everything on my salary alone.

I don't have any illness or unemployment cover though. When I looked into them the payouts were so limited they didn't justify the premiums. At best they'd buy a bit of breathing space.
 
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