What sort of cover should I get?

[Sweetie77]

I am a 31 year old single female with no dependents. Recently a friend of mine passed away and I have seen not only the emotional pain but also the financial worry it caused his family, as he had no will or any type of insurance.

Because of this I want to make sure that I have some sort of life cover as my parents & sister would not be able to cope financially . I would also like some kind of lump sum to be paid out to my 2 nieces .

I don't have much free cash and I am not sure what sort of policy would be best for me.

It seems such a morbid thing to be thinking about but this past week has given me food for thought!

Any advice??

[New Judge]

I�m a bit confused.

You say you have no dependants, but then go on to say that if you die your parents and sister would not cope financially. Does this mean they are dependent upon your income?

Among the biggest problems that families have when somebody close passes on is the lack of a valid will. Whatever the deceased does have cannot be readily distributed, and when it is, often ends up in the �wrong� hands because of the intestacy laws. Taking out life insurance will not overcome this, as the benefits payable become part of the deceased�s estate.

To ensure that an income is provided for your parents and sister in the event of your demise will cost you a tidy penny. Is this really what you want?

[ummmm]

I presume you mean that they would have to meet the funeral costs?

You can actually pay into a funeral policy. At your age it wouldn't be much each month.

[Sweetie77]

No they are not financially dependent but as Ummmm said they would be liable for the financial costs of the funeral!

The cash to my nieces is not essential just something I would like to be able to do.

My father died very young (33) so it is something that does play on my mind

[sandmaster]

You don't mention any debts and you have no dependants but you worry about financial difficulties. If you die you won't have any but if you have an accident and live you may be in difficulties. You could throw yourself on the mercy of the state or your relatives or you could consider an accident policy. But personally I wouldn't bother. Just enjoy life.