Life Insurance

[Deleted member 294929]

who told you that and why

only time tis is good not to pay of mortgage if rates are very low and paying it off would mean you only have a few k's left in the bank

another scenario possibly tis the mortgage has insurance tied in with it and if you die they pay off the remanider.

we paid ours off years ago and not borrowed money since not even when buying other places.

money makes money as they say

I have one of those Australian style mortgages. I have more money in my mortgage account than what I owe. So I'm paying no interest

 

[The Samaritan]

I've heard it on many occasions, just good for your credit I think

Fair enough but imo what banks look at is what you are worth should things go belly up nd if you have money/property to a value of a million they would easily lend you 200k

 

[Mottie]

Pay your mortgage off. That's one less worry off of your mind. Check out buying a life insurance term policy for whatever amount you think your family will need for as long as you expect to be working.

 

[Mottie]

Perhaps seek proper paid financial advice bearing in mind your medical history, family needs, mortgage, expected working life remaining etc etc.

 

[Deleted member 294929]

Doesn't everybody have life insurance?

 

[JohnD]

no




If you do not have dependents, who is your life assurance needed by? You're better off spending it.

many people like to prepay their funeral to save the family the cost and effort of arranging it.

 

[Deleted member 294929]

Pay your mortgage off. That's one less worry off of your mind. Check out buying a life insurance term policy for whatever amount you think your family will need for as long as you expect to be working.

I Don't have enough money to warrant a financial adviser. Don't trust them.either.

Paying the mortgage is not a bad idea. Something as you say I would no longer need to worry about..

 

[Deleted member 18243]

Opinions on Life insurance please.

I got diagnosed Lymphoma a few years.
There was no cure, but it could be managed. No rush I was on Watch and wait. Then in lockdown they decided it was time for treatment..
My life insurance already paid me up. Not bad as I wasn't dead.

In this time a cure has been found.
early days and not widely available.

I started treatment (not the cure) in the summer 20. Hyped up treatment September to December. Feeling **** could not do much work.. my main treatment was in Addenbrookes the whole of January 2.

Still now I'm having small treatment every two months for the next two years. No great shakes.

If it comes back they will give me the cure treatment so not worried.

Alls gone well I'm healthy and working. I have to remind myself that I still have cancer ️.

The reason I'm I've got into depth of telling you this all is;

Will someone insure me now. I feel I've beaten this and it will be something else that will kill me. If I haven't beaten it!!! there's a cure out now.

I'm glad the treatment has gone well and hope it continues to do so.

 

[Deleted member 294929]

I'm glad the treatment has gone well and hope it continues to do so.

ThanksAndy
it has and I'm sure the it will go well.
You would think there was nothing wrong about me... my focus now for the next 10 years is either to be here to provide for my girls (prevered option)
Or leave them with as much money as I can. I feel a little uncomfortable without life insurance.

 

[motorbiking]

Now is a great time for your wife to think about employment. But agree with the advice on investments.

glad to hear you are on top of the cancer

 

[Harry Bloomfield]

I've heard it on many occasions, just good for your credit I think

No mortgage since 1997, no money at all ever borrowed other than that and my credit rating is 100%, so I am not convinced that having credit, improves your rating.

 

[Mottie]

I Don't have enough money to warrant a financial adviser.

On an hourly basis, they probably cost less than a plumber.

 

[motorbiking]

Some employers provide death in service insurance as a factor of your salary (2x, 4x etc). 2x cover is not normally a taxable benefit.

If you don’t have a mortgage and have enough in the kitty to look after your loved ones if you die, then you don’t need life insurance.

 

[JohnD]

although a long and disabling illness can drain your savings and investments.

 

[motorbiking]

Unlikely the OP would get critical illness cover, without exclusions making low value to worthless, given current medical information.