Does everyone on here have life insurance ?

Ive been thinking about it a little lately. Mr.B and I have the life of our dreams now, but if one of us pegged it, we would have to give up everything as we couldnt afford the mortgage single handedly. Well, we could - but we wouldnt be able to eat.

So I have been thinking that, although it will be tough paying for insurance, we should get it. It will give us peace of mind, and im thinking it should be enough to pay off the mortgage. So long as that wasnt a problem, we would be OK.

So is this the right thing to do ? Should we get life insurance, or critical illness insurance - so if one of us is diagnosed with a horrid illness we can claim the money ?

Im confused, and im rambling ..... but i think we need to protect one another and our lifestyles.

Yes Bons - at the very least get life insurance. Critical illness is another good (but expensive) idea, but life insurance is essential IMO, you need to be able to pay your mortgage.

I agree with Buzz. Absolutely, life insurance at the very least.

Yep definitely get it Bons. Mr tiggs has life insurance, although I don't as I can't find a life insurance company that will insure me due to circumstances. But seeing as I don't earn anything anyway it's not that big a deal, but for the main wage earner who pays the mortgage, it's a must!

Dont you have endowments tied to your mortgage?

Dont you have endowments tied to your mortgage?

Hmmmm, no i dont think we do. We have a repayment mortgage (if thats what you mean) and the only thing written in the contract was the if one dies the other gets the house as its 50/50 at the moment.

Was that what you meant ?

No, an endowment is an insurance policy that repays the mortgage if one party dies.

No, an endowment is an insurance policy that repays the mortgage if one party dies.

Im pretty sure we dont have this no .... but perhaps i should find out before i spend more money :huh: To find out, should i just call the Halifax ?

Depends who your mortgage is with. :cool:

Depends who your mortgage is with. :cool:

You are a pilchard sometimes :laugh:

Mama Coastie stands to do quite well if I pop my clogs any time soon! :huh:

I have life insurance...I have to renew my policy soon though...my current one matures so I shall be rolling in it for a week or two at least!

I have to get a new one as I will be renewing my mortgage soon aswell and no one round here lets you have a mortgage without one.

I love finacial stuff...:bored:

Coastie as I have my mortgage on my own I don't have life insurance - if I die - what do I care about the mortage?!

Obviously my son will get the excess from the sale of the house and for a young lad would be well set up for life (of course he'd be distraught at losing me), but he's pretty well provided for in other ways.

I did look into Life Insurance when I was slighly less insolvent than I used to be but it worked out about £25 a month - far too much to pay out regularly.

I did look into Life Insurance when I was slighly less insolvent than I used to be but it worked out about £25 a month - far too much to pay out regularly.

You see, this is my trouble. Mr.B is a lot more expensive than me as he is older ..... but for the two of us its about 45 quid, and i havent got a spare 45 quid.

At the moment i have bills to pay with that money, but im hoping i will have sorted myself out in a couple of years. I hope it isnt too late by then :shocking:

But if you haven't got a spare 45 quid now, how the heck would you manage to pay the mortgage on your own, if anything terrible were to happen?

But if you haven't got a spare 45 quid now, how the heck would you manage to pay the mortgage on your own, if anything terrible were to happen?
Thats what the worry is !!!

If i was left alone i could pay for everything .... just. Of course expenses would go down if there was only one person in the house, and it would mean my lifestyle would change as i wouldnt really be able to go out. It would be a basic lifestyle but i could get by.

Mr.B couldnt. He pays for the mortgage at the moment, but if i wasnt paying for everything else he wouldnt be able to manage.

Right now though we have a loan, and its that thats taking our spare cash. Unfortunately not everyone has disposable income. There never used to be a problem, but since Mr.B's work has gone down ... we have struggled. Which is why we are doing the shifts down the pub.

Try not to worry yourself too much Bonsai ... although it's obviously a concern for you at the moment.

If, the worst came to the worst and anything happened to the other - are your loans at least covered for life insurance? as for the house - is there any equity in it at the moment? surely if one of you was left to pay the mortgage you could sell your house (which seems quite big with a lovely garden) and buy somewhere smaller?

it's all a bit morbid really - have you spoken to someone who can help you properly - maybe you are a bit down and you need to speak to someone on the outside of your problem who can give you a bit of perspective (your doctor, your dad?)

chin up, ducks!

I have started a high interest regular savings account as a bit of an alternative to a life insurance policy (but as I say I have to have a proper one for my mortgage...doh!).

My reasoning is that my life insurance policy was an endowment type, matures in April in fact, but over the last four years I haven't received any bonuses on it...now I understand this is the companies way of securing their future but I get a better return for the same amount each month with a regular savings account with a building society! :shocking:

Bon...maybe set up an ISA type account and simply put away what you can afford each month so that if something does happen you will at least have a little something to see you through the initial stages...bit morbid but even if it's just enough to cover funeral expenses.

as for the house - is there any equity in it at the moment? surely if one of you was left to pay the mortgage you could sell your house (which seems quite big with a lovely garden) and buy somewhere smaller?

Thanks Dol. Yes, we have about £90k equity in the house, which would cover the mortgage should anything happen. Like i said, i could manage alone .... but Mr.B couldnt.

Perhaps, cos im the cheaper of the two to get insured, just insure myself .... so Mr.B would be OK should i die.

Mr.B does have a small life insurance policy - but i would only get that if he died behind the wheel of his car.

Im not low about it, its just made me think because of Mr.B's work being so low right now. If i popped off tomorrow and stepped under a bus, he would loose everything .... and i dont want that to happen.

Coastie - i do have a small savings account which i have been adding too every month, but it isnt a lot. Im hoping once the loan is paid up (in 18 months time) that i can invest that money.

Im hoping once the loan is paid up (in 18 months time) that i can invest that money.

Good afternoon madam.

Can I interest you in Indian Corporate bonds?

They're this years black you know! :wink2:

Good afternoon madam.

Can I interest you in Indian Corporate bonds?

They're this years black you know! :wink2:

Do you do penny shares aswell Grouch? :huh:

Do you do penny shares aswell Grouch? :huh:

Somme of them have ended up that way.... :blush:

But if you haven't got a spare 45 quid now, how the heck would you manage to pay the mortgage on your own, if anything terrible were to happen?

just sticking my oar in now..........

I would have been well and truly f**ked if we hadnt had the various life/critical illness policies when Mr I died........it has been that money that has kept me because of being ill for the last year.....the rest has been invested for his kids and for my deposit on the new house.......

my only advice is to shop around Bon!!!!!

This is so spooky...I just took out a chunk of life insurance. I put the boys' dad and my best friend as dual beneficiaries so the money will go to the boys, pay off bills, bury me, etc. I know with a will and Daph on there, I don't have to worry...which I hope I wouldn't have to anyway but money does strange things to people and I want my children to not have to carry my debt or burdens with them.