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Hi everyone
Does anyone have any advice for me about life insurance? I don't currently have any or a will (I have no property or money). I know that if I die the boys' father will look after them but I'm wondering if I should have cover to supplement that?
Also, there's a slim possibility something could happen to us both. We don't spend much time together but we do live in the same town.
The other thing I have been thinking is whether I should get life insurance out on him? If he dies I will have £300 less per month to raise the kids on.
If anyone has any thoughts/experience I'd be very grateful.
Thanks
Gem
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Thanks Louise. I have looked at the links but unfortunately seem to be gripped by a sort of inertia when dealing with this. I couldn't even read the Money Advice Service page - it is in plain English but looks too overwhelming to read. I am quite good at researching on the internet but seem to not have all my faculties when it comes to this subject.
Would really welcome personal stories if anyone feels able to share more details.
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In that case, a financial adviser is a good idea! Hopefully people will share their own experiences but of course that is not advice, it will just be interesting to hear other peoples' views. Becase we as single parents are often short of money it does seem to be one of the things that goes by the wayside. Anyone who has a mortgage will almost certainly have to have some life insurance as part of that and that might include critical illness insurance as well, so I suppose the starting point for anyone is "what do you have already?"
I would also like to say that it is not unusual to feel gripped by inertia when it comes to this topic. Deciding on wills and insurance means facing up to some nasty "what ifs?" as well as our own mortality. Some people say that seeing it in black and white is a really upsetting event. Myself, I felt better seeing it in black and white because I knew that I had thought about the future and made sensible provision for the boys.
See if anyone else can add their experiences?
I have a Will as I have life insurance going back to when I was first married. I also have a private pension.
My lot are now old enough to stay together, and my Will is based on that. I live in a housing association house, and my biggest challenge was getting an agreement for my daughter to take on the tenancy should I die. We were homeless before moving here, and my biggest fear was of them being told they couldn't stay, as the HA policy is to pass the tenancy on to the partner...
My life insurance goes on until I'm 70, so a couple of years, all being well, before that I will set up another life insurance that will cover the costs of a funeral. I'm hoping my lot will be earning by then.
It is difficult to think things through.
Yes it is difficult, sparkling. Your plan sounds very good.
Thanks Sparkling Lime that's really helpful. I find I am needing to mull on this situation a lot and your thought process has really helped
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Hello GEM
Obviously we're not financial whizzes, all I can do is tell you about my experience. My bank was happy to offer me an appointment with a financial advisor who went through everything and made some recommendations. Some of them were a bit unrealistic, given my low income but I could pick and choose.
My personal opinion is that a will is a really good idea. See here for our leaflet on Guardianship. You can discuss the insurance possibilities with your advisor. One possibility is a critical illness insurance for if you could not work. I also suggest you look at this page from the Money Advice Service, about protecting your dependents.