[Closed] Life insurance, worth it?

Life insurance, worth it?

They'll never pay you out 😉

depends if you have a wife... and how much you'd like her to be provided for should you die.

The odds of you dying mountain biking as opposed to some other disease is quite small indeed.

Yes...it's about who would leave you behind...

get it while you can. I've had 2 small ops to remove skin cancers and am now un-insurable unless I' willing to spend £100+ a month on it. I'd be better saving £100 a month and using that as insurance! (this was when I was 28)

Are you not covered with work?

i doubt it i work at a uni, filthy public sector scum that i am

i doubt it i work at a uni, filthy public sector scum that i am

I'd ask
there may also be cover with the union

Personally I don't have any - but then I have a lot of equity and no dependents

Only you can answer that question. I wouldn’t want my wife to have to struggle to pay off the mortgage and other bills if I died. Gives me peace of mind.
Summit Financial services are v good. I got the number through the BMC. Because I climb and do mountaineering etc I pay a premium (not the end of the world) and am covered. If you’re concerned about not being covered for extreme stuff give them a bell.

It totally depends on your situation I suppose. For me it isn't worth it because a) I don't have any dependants so the mortgage company can take the house if I die and b) even if I did my work has an insurance that pays out 4 times my salary if I die.

I can certainly see that it is an advantage for the mortgage company but I fail to see any advantage for a single person.

Oh and the cover is from the pension rather than the company itself so check that out too.

I'd be amazed if you didn't have some sort of death in service benefit through work, usually a multiple of your annual salary.

You'd be hard pushed to describe MTBing as an extreme sport, so check the exclusions to be sure. Usually professional level or maybe competition would not be covered.

Having said that, we both have death in service and have some life cover for the mortgage so that if either of us croaks, the other can put their feet up/dance on the grave ;o)

Depends if you plan on dropping dead during the life of your mortgage or not?

On a serious note it's all down to personal preference & individual situations.

I see all manner of people some who believe in it other who don't. Some of those who believe in it have family others don't & visa versa.

There is no right or wrong answer it all depends on if you have someone you want to leave the property to? If you have & they can afford the mortgage on their own & are happy to take it on then i guess not. If they are unable to take it on alone then yes you do.

I always tell clients that life cover is not for your benefit but for any family that you may be leaving behind (wife, husband, kids, mother, father, brother, sister etc etc)

Re detah in service benefit you'll find that, unless it's linked to a pension, a lot of companies are taking this benefit away from employees in order to try & cut costs. Also if you change job will your new employer provide death in service benefit & will it be the 1st thing you think of sorting out if that happened.

Final word. If you do decide to take it then shop around 😉

I've got it for both me and the Mrs, critically illness as well, on the basis that...

If I've bought it and wasted money on it....

Thats a good thing, a very good thing !!

I always tell clients that life cover is not for your benefit

You have clients who think it is? 😀

You'd be surprised at some of the questions i get asked Jota & some of the things that people think they can do 🙄

a good friend of mine was killed in a traffic accident a few years back. Own company, house with mortgage, long term partner (not wife) and two kids.. No life insurance. It caused lots of panic and worry in that household. I'd get it if you have a family.

We've got two policies, one pays off the house in full, the other gives a monthly sum of money. adds 80 quid a month onto our mortgage, which is a lot, granted, but I don't want to leave my wife and son struggling if anything happens.

My old credit card used to give me a fair chunk of life insurance - altho check your T&Cs because I now have no memory of what bank/card/country this was.

My comes free with work - something like 4x salary....

My father died when i was 2. Left my mum with next to nothing, no mortgage to pay but the house came with his job. When little anagallis was due we got insurance for me. It pays the mortgage, I also have desth in service payments as a teacher not sure how much it is but it will be enough to keep them going for a year or two given they'll be no mortgage. Was never worried about such things until the son came along..

if it's just you, no. Check out your Death in Service Benefits too, sometimes they can be significant (many are 4x salary). And shop around if you do need it.

I've got life with critical illness and both of us have death in service with our employers of 2.5 and 3 times our salary.

Sadly I've had too many friends that have had to use the critical illness very early in life and a couple who left partners to use their life insurance.

I don't buy much other insurance but this one seems worth it. The way I look at it is if I get cancer or am paralysied the last thing I want to worry about is getting back into employment too soon - I want to be proper selfish and either enjoy the life I have left or learn how to live again. If I die it would be a proper life changer for my wife and I'd like it if she was able to take off travelling and get her head together for a year or two or at least have the choice to. I'd want the same.

ive read that a lot of policies dont cover extreme sports!

If you do have a partner/wife, consider getting two single policies to cover your and them seperately - it works out pretty close to the same cost, but you get a payout on each death rather than just first one.

Useful for kids - first one pays off house, second allows them to afford live there 🙂

[img] [/img]

Unfortunately the the only people who can answer "yes, it's worth it" are not really in a position to answer the OP 'cos they're dead...

I was in a plane a few years back that I thought was going to crash. I wasn't really scared, except that I wasn't insured at the time, and all I could think about was leaving my wife and children destitute.

I am now insured on the mortgage, through a separate personal policy, and through work. So if something I'm travelling in does crash one day, my family will be rich.

i ve answered this Q before or one similar.. as above two heart attacks a stroke etc tend to pump the premium up a bit so with home paid for a couple of buy to rents no one will be on the streets and unbelievably the current mrs tts is a hottie so she wont be on the shelf too long.

In my experience it's well worth it. When we got our first mortgage our financial advisor suggested 3 times the value of the mortgage. We went for it and it was a bit of a stretch and several time we thought of cancelling it. Then three years ago lymphoma changed our lives. Fortunately even though it wasn't critical cover the insurance coughed up and the mortgage was covered job done.
Being a lucky bar steward I lived and am now unable to get life insurance again. But the mortgage was cleared and peace of mind was worth all the tea in china.
If you're on your own and are planning on staying that way with no family then I'm not sure it'd be worth it but for me it was.