life insureance..

[TaylorsMummyx]

is it worth it? does anyone do it?

i think id like to do it, but if i died after the time limit, do they not pay out?

how much do you pay? x

 

[marley2580]

We have a joint policy and only pay about £9 a month

 

[Kay_Baby]

We have a joint policy and pay about £20 a month thats life, serious illness and disability cover. Ours is set to cover the mortgage if the worst happens. It's like having any insurance, you hope never to use it but it buys peace of mind.

 

[lindseymw]

We don't have it....DH did have it to cover the mortgage but now we have a very small mortgage (around £6k left), he cancelled it because it's not worth it. If the worse should happen, I would get a decent payout from his work.

If we ever get a bigger mortgage, then we would get it again.

 

[Vesta]

DH and I both have a life insurance policy that is designed to pay off the mortgage. So if I die after the mortgage is already paid of it's not worth anything. It was cheaper to do it that way then a lump sum payment. I can't remember how much we're paying a month though. DH has another life insurance with his work. It's free and pays out 4 times his salary.

 

[NuKe]

we both have it, joint policy, about a tenner a month! gives me peace of mind if something should happen to one of us, and also more importantly if something should happen to BOTH of us, poppy will be looked after financially!

 

[TaylorsMummyx]

So should I wait till we own our own home x

 

[Doodlebug.]

what company do you all have yours with?
I often worry about life insurance and wether I should get it, although I dont have any children yet so would I not need it?

 

[babydevil1989]

we each have life insurance for £100,000 mine is £6 a month and OH (hes a smoker) is £10 a month with aviva.

i dont really know much about it as OH set it all up with barclays x

 

[RachA]

We have something but i'm never sure what pays out to who lol.

I know that if OH dies i am totally sorted OH often jokes that he's worth more dead than alive. I know his works pays me a lump sum of 3 x his salary and our mortgage gets paid off.

I think if i die then the mortgage gets paid off.

 

[Sarahkka]

Life insurance is about a lot more than paying off your mortgage. If you have kids and you aren't independently wealthy, then it's a very good idea to have some (if not lots). Basically, you are trying to provide financially for your kid(s) should both you and partner die. If that happened to us tomorrow, we'd need the expenses of two kids plus their university educations covered. That is how we calculated how much insurance to carry. As we get older, we can carry smaller policies, and once we are retired and have settled all major debts, we probably won't carry any at all.
But if you have a young family, sit down and figure out what you think it will cost to cover what you hope to do for your kids. That should be your starting point.

 

[Lauren25]

We have it for both of us, we had to when we brought our house as they say you have to have it when you buy a new build house. Ours is about £20 I think and thats life and critical illness!

 

[Farie]

Yup we have it. Should something happen the one left would be financially stable.

 

[Eternal]

It depends, you need to think how would you or your partner cope if you were to die, so for us if my OH died I would get around about £240,000 plus a bit of money a month (not sure how much) which would cover paying off the mortgage (which is the big thing for most of us) and any big bill, funeral costs and mean i wouldn't have to stress about a job straight away (im a sahm now) but i would need to go back to work.

If i died he would get £150,000, which would pay off the same sort of stuff and mean more of his wage could go on childcare, which he couldn't afford if we will had the mortgage and other bills.

If your both working, with no mortgage and could survive on the one wage then its probably not needed, although you could get a small pay out like £5000 which would pay any big cost on the death of a loved one. that wont cost much, mine costs about £6 per month for a 30 year fixed policy.

 

[indy and lara]

We have life insurance to cover our mortgage balance. It pays out if either of us die or are diagnosed with a terminal illness. We also both have death inservice benefit which pays out 4 times our salary if we die while employed. (Not at work but while we are in our current jobs). We also both have separate life insurance policies which pay out in the event of terminal illness/ death.

Personally, I think that it is really important to have these. If we were both to die we know that Em would be very financially secure for the rest of her life. If either of us were to die then we know that the other would be financially secure and most importantly, would be able to take a very extended period of time off work. This really matters to me. When my Mum died my Dad never returned to work but was in a position that he didn't have to. He would not have been able mentally to cope in fulltime work now. I was also able to take 5 months off when our son died and I realise that should something awful happen to DH or vice versa, that time to support Em and grieve without financial pressures is very important. We are both in our late 30s and pay around £6 a month (non-smokers/ drinkers)

 

[MrsVenn]

Yes we do, it's a joint policy through Aviva and we pay £19 a month. My pension also pays out a pension and lump sum to hubby and/or Molly should anything happen to me so I have extra cover for them.

 

[Pearls18]

Yes we have it, pivotal in my mind. Because we don't have a house it is all the more important to me because I want to have something for DS to inherit! I pay £11 a month every month for 25 years, if I die within that time DH/DS will get £350,000. If I haven't died within that time, then yay lol, and I guess the insurance company has just won- but I'll be happy to be alive and will look at Over 50 plans then I guess! Due to DH's work he is getting out specific life insurance cover that covers his job, if something happens to either one of us it is important the other will be able to manage, god forbid something happens to both of us Elliot will be well taken care of (until he's 25 at least )

 

[Pearls18]

It's a bit depressing when you're worth more dead than alive though isn't it (only in financial terms of course!!)

 

[cupcakekate]

I personally think life insurance is really important, we have life and critical illness and pay about 20 a month. It will pay off our mortgage and more importantly leave Isabelle financially stable if anything happened to the both of us. xxx