Anyone got Life insurance?

Soldato
Joined
7 Dec 2012
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17,494
Location
Gloucestershire
Got £150k each on me and Mrs Cheesyboy. Costs approx £6/month each. Only runs until about age 55, when the mortgage will be clear and the kids will be 21+.

Those policies, coupled with our respective death in service cover with our employers means we're pretty decently covered even if one of use were to snuff it tomorrow. Enough to pay off the mortgage and have some change to live on.
 

DRZ

DRZ

Soldato
Joined
2 Jun 2003
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7,417
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In the top 1%
I've got cover through work. I get to choose my level of cover so for the moment it is 2x my salary. Should I need to increase it, I will do.

Critical illness and income protection is far more relevant at this stage.
 
Associate
Joined
18 Jul 2015
Posts
439
Location
London
I pay 14 per month for Life Insurance worth £100k, which would go to my wife. Also, pension scheme will pay out £150k, again to my wife.
I now have high cholesterol. I asked my wife to start using extra virgin olive oil. She responded by stating "lets stick to the vegetable oil."
I think she can smell money!

Just a matter of time before insurance companies insist on receiving a genetic profile.
However, you do have to inform them of any genetic problems in the family.
 
Soldato
Joined
9 Apr 2007
Posts
13,456
Nope seems a waste, well it is if you don't die in the term. Rather just pay it towards the mortgage and stick it in a pension. At least then you get value no matter what happens.
 
Soldato
Joined
17 Sep 2010
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2,840
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Somewhere in Asia
Myself and the wife have life insurance in the sense that the mortgages to two of our UK properties are paid off and the remaining partner gets a lump sum of 75k if either of us die or get a critical illness.

Its costs about 85 quid a month (which goes up every so slightly each year) if i can remember correctly.
 
Soldato
Joined
3 Feb 2010
Posts
3,034
Conceptually you might be missing the point.
If living in a family home, and that home is owned by a mortgage, the life insurance will pay off the mortgage if you die.
So your family can continue to live in a house, debt and mortgage free.

In your example, your debts and estate die, so your family has nowhere to live upon your death, they are homeless and destitute.

This.

My dad took £200,000 life insurance out in November 2015, then in January 2016 he was diagnosed with cancer, and by December 2016 he passed away.

Without his life insurance our house would have been repossessed and we wouldn't have been able to afford the £10k funeral to give him a proper send off.
 
Associate
Joined
16 Nov 2007
Posts
811
I effectively have this as part of my pension scheme. If I die in service, my wife gets 6x my salary or 3x + my pension pot, whichever is the highest value at the time. Call me suspicious but since I told my wife this I started seeing more toys being left out untidied around the stairs and she no longer insists that I'm not allowed to go up ladders......
 
Associate
Joined
15 Oct 2015
Posts
1,480
Money world or Cavendish online. I used money world, prices were half that of the banks.

Would should I actually look for? I'm turning 35 in May, single guy and no kids. Not having a mortgage but got a couple of credit cards. I'm thinking about a life insurance with a critical illness cover as well, but what would sums should I look at? Never really thought about looking into this before to be honest so got absolutely no idea.
 
Commissario
Joined
23 Nov 2004
Posts
41,851
Location
Herts
I have mortgage protection insurance that pays off the mortgage if one of us dies and income protection insurance (inc. critical illness) if we are unable to work for a long period of time.

Think I also have a death in service benefit via work (5 x salary to spouse) and also some level of income protection insurance as well via work.
 
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