Life insurance
I’ve put it as sensitive as obviously life insurance is paid in the eventuality things don’t go well. But just wanted to get peoples opinions on whether they have considered life insurance and if you went ahead or not.
I have a toddler at home, and second on the way, and whilst things went well the first time around I’ve got that “what if” in the back of my mind and the last thing I’d want is for my family to be struggling financial if I’m not about.
I’m thinking about a decreasing term policy to at least cover the mortgage and then possibly one of those family income benefit types of insurance too
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Following, I’ve been thinking about this a lot recently
We both have the policy that covers the mortgage if something happens. I think it covers worldwide health cover if we got ill and the NHS can’t cover it and a few other bits as well. We pay just over £20 a month for a joint policy with Aviva and it’s worth it for peace of mind.
Oh that’s good! I didn’t realise you could do a joint one.
I suppose I should be thinking long term about it and not just the next year
We pay £50 each per month for serious illness cover & life insurance should the worst happen. We took it out last month, just in preparation as you can never be too careful in my opinion!
We have life insurance, we took it out when we got our mortgage. I think when we renewed it we told them we were trying for kids so they added that on for us (at least I think they did... I might need to check!)
We got life insurance as soon as we started trying to the value of £500k each. £30 a month each
You probably already have but check if your employer covers you or gives you the option to opt in. Quite a lot of larger companies have life assurance for 4 or 5x salary and offer critical illness cover
that’s a good point, I know they do 4x life but I think they have critical illness too so need to find that out. Thanks
I took out two life insurance policies with different companies about 5 years ago, when I was about 30. I think they were 15 year policies and the two of them together cost me about £16 a month. I took 2 out in case there are any complications or one company refuses to pay for whatever reason, but I'm overly cautious and wouldn't want anything to go wrong. One policy is for £50k just in the event of death and costs less than £4 a month, the other is £100k but also has critical illness included and that one costs just under £12 a month. I found them both through compare the market. I think they are Admiral and L&G but would have to check.
We got both - critical illness and life insurance cover. The critical illness is quite expensive at £50 each but we made sure it covers us and the children if something bad were too happen to us or them.
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