Life insurance

[Dappa D]

Been meaning to sort this since the little man was born (almost a year ago :rolleyes:), and just keep forgetting....

so any advice the org can give would be great....

Ideally id like a policy that allows my mrs to pay off the mortgage and be alright financially should I be an organ doner.

are there policies that cover fatal bike accidents (say it was my fault?) and would i be paying a LOT for that cover....also dangerous sports (case in point paragliding in Turky in June)

any advice, reccommended options appreciated...cheers all

Dappa

[gettin2dizzy]

http://www.moneysavingexpert.com/insurance/level-term-insurance

[dizzyblonde]

AFAIK, most life insurance policies do not cover for fatal bike accidents these days. Myself and Im Indoors had it brought to our attention a year or two ago by his sister who works in insurance.
Hes just about to cancel his, which I have my own thoughts about

I'm covered up to the hilt as far as my mortgage will allow. As I've been a single parent for a few years until of late, it was only wise to do so.
I also wrote a will out last year, as again being a single parent it was wise to do so.
I've put in clauses so after death I hope that my son gets the best care.

[Luckypants]

I have term assurance which covers riding motorbikes, kayaking (up to Grade VI!) and other extreme sports. I bought it through an IFA, making sure all my lifestyle choices were covered. It also covers my ex (we were together when we took it out) we rides MTBs and was intended to pay off all the mortgage and leave money over to help pay for the kids care. If we both copped it in one event (car crash or something) it paid out for both lives. It also pays out if diagnosed with a deadly disease such as cancer, as soon as the diagnosis is made. This means less financial worries at such a bad time.

I know I got a good deal, so it currently costs about £25 a month for around £170K of cover.

You should also check out if your work gives any cover, as that can be another 'bonus' cover, but should not be used as an excuse not to take out your own. My work provide 4xsalary as life cover, so worth a lot to help the family back on their feet financially.

Some personal pension plans also offer life assurance in one form or another.

Make sure you know all the benefits you get from all sources and note them with the Will you must write to make sure the right folks get the cash you want them too if you do snuff it.

[gettin2dizzy]

I've put in clauses so after death I hope that my bike gets the best care.
:thumbsup:

[timwilky]

My missus will be merrier than the merry widow when/if I pop it.

4*salary payout from pension lump sum plus salary for the next 2 years, plus 1/2 my pension entitlement. The issue really is that my pension is projected to pay me about half my current salary so the wife would have to get used to living on only a 1/4.

Therefore


I also have an income protection type plan that pays out £2000/month upto 2020 when I would have been 60. When I took it out 10 years ago, it looked a good option as the wife/kids etc needed more of an income than the pension entitlement would have provided. It is still a reasonable scheme should anything happen to me over the next few years


Additionally I have a critical illness cover that gives me about £100,000 to enjoy what time I have left.


It could be argued, that theses days I do not need the extra. But I know several people who have lost their partners and been forced into working poorly paid jobs just to survive despite them having payments from private pensions etc.


I personally think we all have a duty to think what will happen to our loved ones should the reaper come early. My plans were to ensure that my wife would have had a full income and a bit more should I not be around

[Dappa D]

work defo doesnt offer anything....hard enough getting paid by them!!!..lucky pants do you know the company yours is done through with the bike cover fella?

[Luckypants]

lucky pants do you know the company yours is done through with the bike cover fella?

Scottish Equitable. Remember that this policy has been in force for nearly 10 years, so the terms may be different from a new one.

[kitkat]

this is something I need to get. had life insurance when I had mortgage but when I sold the flat I cancelled policy. should also do a will. If I was to state in will that kids stay with my new partner could their natural dad object? (suppose I should discuss it with DD lol) Need to look into it sooner rather than later I suppose.

[dizzyblonde]

this is something I need to get. had life insurance when I had mortgage but when I sold the flat I cancelled policy. should also do a will. If I was to state in will that kids stay with my new partner could their natural dad object? (suppose I should discuss it with DD lol) Need to look into it sooner rather than later I suppose.

I asked this when I created my will. Which is why i put on a seperate sheet conditions that I would like to see followed through. The solicitor said they cannot enforce what I put, a court would have to take serious note of what I put in the request

i.e my sons father would not be able to have my son on a permanent basis, as he buggered off 2 years ago, and as such Ion't see he has the right.

[kitkat]

I would like the kids to decide what they want. But their dad only sees them maybe 1 weekend a month and he is in the navy, I think they would have a more secure life where they are but it would be a lot for someone to take on.

[dizzyblonde]

well obviously if they see their dad on a regular basis, then you would have to think carefully what you might want to happen.
In my case my son hasn't seen his dad for 2 years, and i don't count on him seeing him for many years to come, don't even know where he beggared off to:-( Therefore as I see it, he gave up any right to what he wanted if I karked it, and I think he'd have difficulty argueing with people who have been his parents and carers in his place.

I've made it pretty clear in my will who I want caring for my son if I pop my clogs

[Rich]

also dangerous sports (case in point paragliding in Turky in June)



Don't tell them your doing that ,i know that atleast 7 people every season gets killed, an instructor was killed the last time i was there and they do some nutty stunts. Upside down, spiral around looks nuts i was warned away from it but each to their own. £40 a go too might be more now, theres no health and safty out there for that sort of thing!!!

[Tara]

i think we have life insurance with our mortgage but i'm just going to check that fact

[thefallenangel]

well obviously if they see their dad on a regular basis, then you would have to think carefully what you might want to happen.
In my case my son hasn't seen his dad for 2 years, and i don't count on him seeing him for many years to come, don't even know where he beggared off to:-( Therefore as I see it, he gave up any right to what he wanted if I karked it, and I think he'd have difficulty argueing with people who have been his parents and carers in his place.

I've made it pretty clear in my will who I want caring for my son if I pop my clogs

I hate speaking on these situations as they're all not the same but i feel negativity between parents is bad. Just remember there's 2 sides to every story and your son (depending on age etc. . . ) may still wanna see his dad. Life changes day by day which is why i can't see how Will's work without being 3 monthly rolling.

I've been the child without a parent and it's not fun.

[G]

As far as I know my life insurance covers for biking as I clearly stated that it was something I did when taking out the policy.

I guess I will need to check.

[dizzyblonde]

I hate speaking on these situations as they're all not the same but i feel negativity between parents is bad. Just remember there's 2 sides to every story and your son (depending on age etc. . . ) may still wanna see his dad. Life changes day by day which is why i can't see how Will's work without being 3 monthly rolling.

I've been the child without a parent and it's not fun.

well my son would love to see his dad, but unfortunately he has vanished into thin air. He knows where we live. The negativity as you put it, is not my doing, but his fathers. I am thoroughly open with my son(at 7yrs old I may add) if and when he asks questions, which he does.
My will, still stands. TBH, and I hate saying it, but my son really is better off without him. Theres other issues that are involved that I won't post on a public forum

[thefallenangel]

well my son would love to see his dad, but unfortunately he has vanished into thin air. He knows where we live. The negativity as you put it, is not my doing, but his fathers. I am thoroughly open with my son(at 7yrs old I may add) if and when he asks questions, which he does.
My will, still stands. TBH, and I hate saying it, but my son really is better off without him. Theres other issues that are involved that I won't post on a public forum


hense why i don't generalise peoples situations as one. Quick question, do will's require updating at all and do you get notifications like when you bike insurance runs out to update your will?

[dizzyblonde]

No, I don't think so. I think that they just advise to update it if your circumstances change. Theres no requirement to update them every 2 yrs or anything to that sort of thing

I should imagine that many things change in peoples lives that could have an important bearing on things, like if you were married (for example) and then divorced ...that would be reason to change it.

[thefallenangel]

No, I don't think so. I think that they just advise to update it if your circumstances change. Theres no requirement to update them every 2 yrs or anything to that sort of thing

I should imagine that many things change in peoples lives that could have an important bearing on things, like if you were married (for example) and then divorced ...that would be reason to change it.

And i suppose most people would just go "Bloody Ambulance chasers after more money".

[dizzyblonde]

I just found this link, may answer any questions

http://www.makingawill.org.uk/