Do You Have Life Insurance?

[AB Editor]

 

This poll is closed.

Do You Have Life Insurance?

• No, and I do not plan to buy any. - 98 votes
• 51%
• Yes - 84 votes
• 44%
• No, but I plan to buy some soon. - 9 votes
• 5%

See final stats

Stats until: 09:04 Thu 21st Nov 2024 (Refreshed every 5 minutes)

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[craft1948]

No I don't and in my situation I don't see the need for any..............

[annie0000]

I am definitely worth more dead than alive!! I have policies to cover mortgage, insurance through work and pensions and large term policies to cover up until the kids are adults. It's only fair that if i pop it and someone else needs to raise my kids that I at least leave them enough money to do so. If both me and the other half go, the kids get the best part of £1000000!!!!!

[VivienneM]

The results of this poll might be more meaningful if it only included answers from people with dependants. If, like me, you are single/divorced with no children or dependants, you do not need life insurance. You do not need to take out a policy to pay the mortgage or other debts in the event of your death -- let them make a claim on your estate when you're gone! Your money is better spent on other things here and now while you are alive.

I remember an insurance salesman once trying to sell me life insurance. I pointed out I was single with no children, and asked who would benefit by the sum to be paid on my death. He was taken aback for a moment, then rallied with "Your mother?" I pointed out that it was far more likely that she would pre-decease me.

You could valuably point out that it is vitally important to make a Will. A lot of people assume that their partner will get everything on their death, or that everything will be all right and fair -- but the chances are it won't be. If you and your partner are not married, or if the house is in the husband's name only -- this could be a recipe for disaster. There is no such thing as a "common law wife" in law. Both spouses should have up to date, valid Wills.

Finally, on insurance, it would be nice if all insurance companies paid up without quibble on a valid claim. But a lot of them don't; a lot of them will reject a claim for no apparent reason, or will make it very difficult for you to persist with the claim (I don't mean life insurance here!). It's just that we don't all trust insurance companies.

[annie0000]

I agree completely vivienne, I didn't have life cover (other than that provided automatically by my employer/pension) until I became a parent and now have that and a will etc.

[flip_flop]

I have two young children, a wife who doesn't work (we took the old-fashioned decision that we wanted a parent, as opposed to a stranger, to raise our kids) and I regularly ride motorcycles.

The thought of leaving my wife and children without any money makes my blood run cold.

I also have death in service at 5 x annual salary - so this, plus the life insurance, plus my pension means I am worth considerably more dead than I am alive!

As far as I'm concerned my monthly premium is just another household bill.

[flip_flop]

If I didn't have kids I wouldn't bother having it.

[Coldicote]

If you are on your own with no brothers, sisters, sons or daughters, what's the point?

[sandyRoe]

NO. I don't want to be worth more dead than alive to any of my relatives.

[baza]

i found out that i was worth more dead than alive so started checking all food and drinks supplied by Mrs B.

[FredPuli43]

No, but I don't have a mortgage and so none has been demanded. However, i do wish that my parents had taken some as an insurance to provide for inheritance tax, if, as I assume (I'm no tax lawyer), that insurance is effective to pay it.

[maggiebee]

My family are all grown up, I own my house (no mortgage) and am fairly comfortably off so see no need for life insurance.

[Maydup]

Why would anyone want to know unless they were going to try to sell me some?

[cupid04]

Perhaps Ed is moonlighting and after some commission!