Life Insurance for a contractor

[ContractorBanking]

I'm with you. I'm not a believer in insuring for everything but a life policy on a decreasing term against a mortgage seems like a no-brainer for me.

If something happens to me or my wife, our mortgage would be paid off in full. The whole point of an insurance policy like this is that you hope it never gets cashed in, but I'm happier knowing its there rather than making £240/year in overpayments!

I think we're on the same wavelength, just slightly apart.

Would you pay for life-insurance if you didn't have a mortgage? I'm guessing not, and that's my point.

Quickly get to the point of being debt-free then you don't need to waste needless cash on things that only serve to line the pockets of others.

[vwdan]

I think we're on the same wavelength, just slightly apart.

Would you pay for life-insurance if you didn't have a mortgage? I'm guessing not, and that's my point.

Quickly get to the point of being debt-free then you don't need to waste needless cash on things that only serve to line the pockets of others.

Do you not have dependants I take it? If not, why have the insurance at all?

Paying the mortgage is just one part of what my insurance is designed for.

[TheCyclingProgrammer]

Would you pay for life-insurance if you didn't have a mortgage? I'm guessing not, and that's my point.

Yes I would, as my wife currently isn't earning. I have a separate level term policy in my name that is completely separate to our decreasing term policy. It would provide a liveable income to my wife and children until the children have grown up.

Living debt-free is great, and the mortgage is the only debt we have.