Get rid of life insurance?

[Martin@AS Financial]

I mentioned in a couple of other threads that I am in line for a fairly substantial inheritance in the next few months, and am trying to plan my financial affairs accordingly.

One thing I'm wondering about is whether we should cancel our life assurance policies. The way we have it set up is on what each of us would actually need if the other died:

- I have only a small policy on my wife because my family are (were) fairly well off and I could rely on them if I needed support, and/or I knew I would inherit quite healthily. Plus I earn a fair bit.
- There's a much larger policy on my life (£300k IIRC) because my wife earns less, would realistically need more time off work, and doesn't stand to inherit much from her family. Should I pre-decease her, there was no guarantee she'd inherit anything from my family

Given that we would not need any additional help should one of us die early, isn't it sensible to get rid of the policies once inheritance has been completely finalised? £50pcm we could be enjoying or saving or putting towards private medical - which now seems a more useful way to spend the money?

Personally, I would keep it. Life insurance like critical illness, income protection etc only gets more expensive the older you get. If you cancel and then decide to restart at a later date, you could be in for quite a payment shock.

[dogzilla]

This is funny.

From a wealthy family, earns good money, about to get a big chunk of inheritance.

Asking people whether or not they should save £50/pcm?

Do you always ask advice for minutiae of every day life?

[d000hg]

You don't get wealthy frittering money away.

[DodgyAgent]

I mentioned in a couple of other threads that I am in line for a fairly substantial inheritance in the next few months, and am trying to plan my financial affairs accordingly.

One thing I'm wondering about is whether we should cancel our life assurance policies. The way we have it set up is on what each of us would actually need if the other died:

- I have only a small policy on my wife because my family are (were) fairly well off and I could rely on them if I needed support, and/or I knew I would inherit quite healthily. Plus I earn a fair bit.
- There's a much larger policy on my life (£300k IIRC) because my wife earns less, would realistically need more time off work, and doesn't stand to inherit much from her family. Should I pre-decease her, there was no guarantee she'd inherit anything from my family

Given that we would not need any additional help should one of us die early, isn't it sensible to get rid of the policies once inheritance has been completely finalised? £50pcm we could be enjoying or saving or putting towards private medical - which now seems a more useful way to spend the money?

In light of your fortunate windfall for which you have done absolutely nothing to deserve combined with your "liberal" left views on most things you might want to ramp up on this a bit The echo chamber of social media is luring the left into cosy delusion and dangerous insularity

It will help you sleep at night

[dogzilla]

You don't get wealthy frittering money away.

You generally don't get wealthy having to ask how to tie your shoelaces either.