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Life insurance
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By *ucspark OP Man
over a year ago
dudley |
I know it's not the greatest thing to talk about, but was totally shocked by a few friends who have kids but no life insurance. When I asked what would happen to their kids if anything happens to them they didn't have a clue. Completely shocked at lack of thought  |
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By (user no longer on site)
over a year ago
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"I know it's not the greatest thing to talk about, but was totally shocked by a few friends who have kids but no life insurance. When I asked what would happen to their kids if anything happens to them they didn't have a clue. Completely shocked at lack of thought "
Perhaps they cannot afford it? Perhaps they prefer to divert their available resources elsewhere? |
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By (user no longer on site)
over a year ago
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I've got 3 kids. I've been dead twice. I'm insured up to the eyeballs, I have a will in place and even chosen the music for my funeral.
No point in avoiding the inevitable. |
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At 26, I won't consider life insurance as I think the longest term I could get is 50 years and if I didn't die before the age of 76, I've paid all that money in for fuck all to get nothing in return and life ASSURANCE (which is a life-long policy) is about £40-50 a month which I simply can't afford.
I decided instead to make sure my funeral was paid for, write a will and put whatever I can afford to each month into ISA's in the kid's names.
- Amy. x |
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By *bi HaiveMan
over a year ago
Forum Mod Cheeseville, Somerset |
"At 26, I won't consider life insurance as I think the longest term I could get is 50 years and if I didn't die before the age of 76, I've paid all that money in for fuck all to get nothing in return and life ASSURANCE (which is a life-long policy) is about £40-50 a month which I simply can't afford.
I decided instead to make sure my funeral was paid for, write a will and put whatever I can afford to each month into ISA's in the kid's names.
- Amy. x"
Nobody takes out life insurance hoping to ever claim on it.
But the older you are when you take out a policy the more expensive it is.
25-35? Non smoker? No pre existing conditions? You can get about £100k cover for about £6 a month.
Comes in handy if life shits on you and you get hit by a bus.
Anyone with kids really should get at least some basic cover. If the worst happens bills don't halve just because there's only one parent left (or none in many cases).
A |
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As morbid as it sounds, we have our funerals paid for, our wills are in place and all the planning for funeral is written in sealed letters to my children to open on my passing. Plus we have life insurance policies in place aswell. I'd rather have it all planned so my family don't have that extra stress and worry.  |
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By (user no longer on site)
over a year ago
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I don't have kids, but I've still got life insurance, seems like a no brainer to me if you've got a mortgage  Doesn't cost that much for a term policy, especially if you start it young. |
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By (user no longer on site)
over a year ago
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"At 26, I won't consider life insurance as I think the longest term I could get is 50 years and if I didn't die before the age of 76, I've paid all that money in for fuck all to get nothing in return and life ASSURANCE (which is a life-long policy) is about £40-50 a month which I simply can't afford.
I decided instead to make sure my funeral was paid for, write a will and put whatever I can afford to each month into ISA's in the kid's names.
- Amy. x"
But surely the point is that you have one for the period for which your family would need it if you did die. Say till your kids are grown up. Why would you need it for 50 years? Mine lasts the length of my mortgage. |
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By (user no longer on site)
over a year ago
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"I've got 3 kids. I've been dead twice. I'm insured up to the eyeballs, I have a will in place and even chosen the music for my funeral.
No point in avoiding the inevitable."
Did you know they make coffins now where you can get music played into it after you're buried?
So the real question is, have you chosen THAT music yet? 
-Courtney |
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"At 26, I won't consider life insurance as I think the longest term I could get is 50 years and if I didn't die before the age of 76, I've paid all that money in for fuck all to get nothing in return and life ASSURANCE (which is a life-long policy) is about £40-50 a month which I simply can't afford.
I decided instead to make sure my funeral was paid for, write a will and put whatever I can afford to each month into ISA's in the kid's names.
- Amy. x
Nobody takes out life insurance hoping to ever claim on it.
But the older you are when you take out a policy the more expensive it is.
25-35? Non smoker? No pre existing conditions? You can get about £100k cover for about £6 a month.
Comes in handy if life shits on you and you get hit by a bus.
Anyone with kids really should get at least some basic cover. If the worst happens bills don't halve just because there's only one parent left (or none in many cases).
A"
Which company is that with?
As the most amount of cover I can find is £33,000. x |
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"At 26, I won't consider life insurance as I think the longest term I could get is 50 years and if I didn't die before the age of 76, I've paid all that money in for fuck all to get nothing in return and life ASSURANCE (which is a life-long policy) is about £40-50 a month which I simply can't afford.
I decided instead to make sure my funeral was paid for, write a will and put whatever I can afford to each month into ISA's in the kid's names.
- Amy. x
But surely the point is that you have one for the period for which your family would need it if you did die. Say till your kids are grown up. Why would you need it for 50 years? Mine lasts the length of my mortgage."
Good point. I don't have a mortgage or anything but I guess a few grand would maybe help towards living arrangements.
Will look into it. x |
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Different people plan and prepare differently, according to their preferences, circumstances and other factors. It's easy to jump to conclusions based on limiting information and become critical, and yet others may be more secure or doing better than ourselves.
More important is to get a will, so that potentially all resources don't bled by legal fees and the state. |
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By (user no longer on site)
over a year ago
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Chances are even when you die the insurance company won't pay...if insurance companies pay every claim they would go out of business within the first year how do you think they make a profit? |
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By *nnyMan
over a year ago
Glasgow |
"Chances are even when you die the insurance company won't pay...if insurance companies pay every claim they would go out of business within the first year how do you think they make a profit?"
I've been trying to work out how these 50+ policies advertised everywhere can make financial sense for the companies - unless they're relying on lots of people abandoning their policy. |
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By (user no longer on site)
over a year ago
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"I've got 3 kids. I've been dead twice. I'm insured up to the eyeballs, I have a will in place and even chosen the music for my funeral.
No point in avoiding the inevitable.
Did you know they make coffins now where you can get music played into it after you're buried?
So the real question is, have you chosen THAT music yet?
-Courtney"
How many songs do I get to pick?
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By *nnyMan
over a year ago
Glasgow |
"I don't have insurance my funeral is paid for though, I feel that's all I need to make sure I don't leave anybody in debt when I go "
You could offer your body to your local university anatomy dept.
That'd save a few grand. |
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By (user no longer on site)
over a year ago
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"I don't have insurance my funeral is paid for though, I feel that's all I need to make sure I don't leave anybody in debt when I go
You could offer your body to your local university anatomy dept.
That'd save a few grand."
You have to pay the university in a lot of cases now, same for body farms. |
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By *nnyMan
over a year ago
Glasgow |
"I don't have insurance my funeral is paid for though, I feel that's all I need to make sure I don't leave anybody in debt when I go
You could offer your body to your local university anatomy dept.
That'd save a few grand.
You have to pay the university in a lot of cases now, same for body farms."
Definitely not at Glasgow Uni. |
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By (user no longer on site)
over a year ago
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house is paid for - one child lives abroad and other has sort of almost left home - the house goes to them - dont have any savings - they can sell the house if they want |
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By (user no longer on site)
over a year ago
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"I've got 3 kids. I've been dead twice. I'm insured up to the eyeballs, I have a will in place and even chosen the music for my funeral.
No point in avoiding the inevitable.
Did you know they make coffins now where you can get music played into it after you're buried?
So the real question is, have you chosen THAT music yet?
-Courtney
How many songs do I get to pick?
"
Good question. Guess I'll have to do more research before I invest  |
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By *icketysplitsWoman
over a year ago
Way over Yonder, that's where I'm bound |
Funeral costs come out of the estate. If you've got nothing at all then paying for your funeral will save your family money otherwise it just comes off whatever you have left behind.
My will needs updating. My life insurance was linked to my mortgage so I don't have a policy anymore and the only reason to get a policy would be to leave a bit more than just my home to my heirs.
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By *bi HaiveMan
over a year ago
Forum Mod Cheeseville, Somerset |
"At 26, I won't consider life insurance as I think the longest term I could get is 50 years and if I didn't die before the age of 76, I've paid all that money in for fuck all to get nothing in return and life ASSURANCE (which is a life-long policy) is about £40-50 a month which I simply can't afford.
I decided instead to make sure my funeral was paid for, write a will and put whatever I can afford to each month into ISA's in the kid's names.
- Amy. x
Nobody takes out life insurance hoping to ever claim on it.
But the older you are when you take out a policy the more expensive it is.
25-35? Non smoker? No pre existing conditions? You can get about £100k cover for about £6 a month.
Comes in handy if life shits on you and you get hit by a bus.
Anyone with kids really should get at least some basic cover. If the worst happens bills don't halve just because there's only one parent left (or none in many cases).
A
Which company is that with?
As the most amount of cover I can find is £33,000. x"
Pop on money savings expert.
There's an example quoted there - £200k cover for a thirty yr old non smoker. Just over £7.
Shop around online. Simple level term life only cover is easy to source and set up on a non-advised basis.
You only really need to plan cover until your kids are grown up and no longer dependant on you, unless your partner doesn't work and is also a dependant.
It's not as if you need to make plans to spend the dosh yourself! 
A |
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By *bi HaiveMan
over a year ago
Forum Mod Cheeseville, Somerset |
"Chances are even when you die the insurance company won't pay...if insurance companies pay every claim they would go out of business within the first year how do you think they make a profit?
I've been trying to work out how these 50+ policies advertised everywhere can make financial sense for the companies - unless they're relying on lots of people abandoning their policy."
Check the small print.
You rarely get a payout that equals your contributions. You're better off sticking your money in an isa than getting an over 50's plan!
A |
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By *ucspark OP Man
over a year ago
dudley |
"At 26, I won't consider life insurance as I think the longest term I could get is 50 years and if I didn't die before the age of 76, I've paid all that money in for fuck all to get nothing in return and life ASSURANCE (which is a life-long policy) is about £40-50 a month which I simply can't afford.
I decided instead to make sure my funeral was paid for, write a will and put whatever I can afford to each month into ISA's in the kid's names.
- Amy. x
Nobody takes out life insurance hoping to ever claim on it.
But the older you are when you take out a policy the more expensive it is.
25-35? Non smoker? No pre existing conditions? You can get about £100k cover for about £6 a month.
I made it till 39 before I claimed on mine after an accident. Policies weren't cheap but piece of mind is priceless
Comes in handy if life shits on you and you get hit by a bus.
Anyone with kids really should get at least some basic cover. If the worst happens bills don't halve just because there's only one parent left (or none in many cases).
A"
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By (user no longer on site)
over a year ago
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It does depend on the policy. Mine paid out a few years ago on a critical illness clause. And I got reinsured. Still I would rather not have had cancer... |
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By *bi HaiveMan
over a year ago
Forum Mod Cheeseville, Somerset |
"Did get some good advice. Do not let your bank do your will...they take their chunk before anything gets divvied up...bad times "
Only if you appoint them as executor.
If it's just them writing it for you? It's simply that!
My bank did my last one and I'll be re-writing it next month. And I'll get them to do it as its free.
A |
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By (user no longer on site)
over a year ago
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Not always as straight forward as don't have it.
I tried to get it and was turned down due to my weight. My weight is in part linked to a medical condition and part down to me. The medical condition wouldn't affect me getting insurance cover.
I am generally a healthy person, I exercise (shock horror a fatty who exercises!) only eat lean meet and eat lots of vegetables. Anyway I digress I was turned down by no less than 3 insurance companies and I was offered one (over the phone by a patronising twat!) for a unaffordable amount.
Therefore I don't have life insurance. I do however have a NHS pension which does pay out on death. Paul is insured well, planning the trip wire as we speak |
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By *ucspark OP Man
over a year ago
dudley |
"On this subject what age should you be before you actually insure your kids lives ?? ( being practical n hope never ever to use it !! ) xxx "
My daughter has been covered from birth, after losing a child and wife some years back I know that your life might stop but the bills don't.  |
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By *ucspark OP Man
over a year ago
dudley |
"Not always as straight forward as don't have it.
I tried to get it and was turned down due to my weight. My weight is in part linked to a medical condition and part down to me. The medical condition wouldn't affect me getting insurance cover.
I am generally a healthy person, I exercise (shock horror a fatty who exercises!) only eat lean meet and eat lots of vegetables. Anyway I digress I was turned down by no less than 3 insurance companies and I was offered one (over the phone by a patronising twat!) for a unaffordable amount.
Therefore I don't have life insurance. I do however have a NHS pension which does pay out on death. Paul is insured well, planning the trip wire as we speak "
Funny how most men are worth more dead than alive |
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By *nnyMan
over a year ago
Glasgow |
".............
Therefore I don't have life insurance. I do however have a NHS pension which does pay out on death. Paul is insured well, planning the trip wire as we speak
Funny how most men are worth more dead than alive "
When you add up the price of a few houses, a nice car, what's left in a pension pot etc ......... it soon mounts up.
Even the price of a good watch will pay for a funeral, if you haven't donated your body to the anatomists |
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"On this subject what age should you be before you actually insure your kids lives ?? ( being practical n hope never ever to use it !! ) xxx
My daughter has been covered from birth, after losing a child and wife some years back I know that your life might stop but the bills don't. "
That's terrible x never nice losing loved ones x |
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