Life Insurance..

[jonny.boyd]

So not a nice matter to talk about i know but i've been thinking recently, what with being a biker and all, and being in a slightly higher risk than a cage driver.

Do you think it's worth taking out life insurance, would you / have you currently got it? Or a waste of money and not worth it?

[WeegieBlue]

I have it and always have. As with all insurance it's never useful until you need to claim, but when you need to claim it's invaluable. I have £450k of life cover so I know my wife and child would be ok if anything happened.

I'd get some, even if it's just £100k worth to cover some mortgage, personal debt and funeral costs. If you die they'd have enough on their plate so you can help them out.

Also make sure the policy is placed in trust. That way the insurance company can pay out upon receipt of the death certificate and don't have to wait for a will. Also ensures the right people get the cash.

[nik_nunez]

ive got a policy for me and the mrs, I work for the post office and ours is not bad and quite cheap (well for me anyway), ive only got about 250k worth of cover. It is something worth considering and the younger you are when you take it out makes a massive difference to costs

[Bri w]

The choice is have life cover so that your loved ones aren't too stressed when it comes to burying you, and surviving themselves after your death.

Or leaving them with the stress of providing you with a respectable send off, and the stress of making ends meet after your gone.

If you're single it means being a financial burden to your parents for the same reasons.

Life assurance is about caring for those left behind.

[Ed]

Jfdi

[Specialone]

Me and the wife have got motgage life cover and a personal life cover as well, so at least the largest debt will be paid and an decent amount to equal a few years salary.

[davepreston]

got it the day i bought a bike, death and sickness, and to answer your question
IVE STILL GOT A HOUSE
which i would have lost after my off, 18 months out of work due to injury, so yea get it

[timwilky]

I am probably over insured, private life insurance, critical illness and 6 times my salary if i die in harness with my pension being paid immediately to the wife.

It is scary, she knows that she will be merrier than the merry widow. Why do you think I will not let her cook.

Plus the money is in the safe to pay for my funeral. We got caught out with my brother in law, his banks would not release any cash from his accounts to pay for his funeral, so I had to pay and claim it off the estate.

[G]

I got full cover when I got my mortgage... probably pay way to much for it thought, or it seems that way anyway. My life, critical illness (Not terminal) and mortgage insurance probably cost more than £100 a month. My job profile probably does not help with keeping that cost down.

[benji106]

I have cover with work, its only £50k, but Im single and no mortgage, so should be enough for my parents to clear up any mess I make on the way out, and have a drink on me after. If/When I have children/a signficant other I will increase the coverage.

[Littlepeahead]

Work would pay out 4 x my salary plus a pension. I also have a policy set up to pay off the mortgage. So Mr LPH can then employ a maid/chef/butler/driver to replace me.

I've set my work 'wishes letter' up to leave a portion of the payout to my young nephews to be paid out when they reach 18, as I have no kids of my own I would have expected to help them out by paying towards driving lessons or uni or whatever, just as I take them on days out now, so as I see it, they still get the cash but in one lump sum when they are old enough to need it. If they splurge it on sex, drugs and rock n roll then so be it - I'd have done the same at 18 is someone gave me £20k.