Relevant Life Insurance inside / outside IR35

[mrjaywarren]

Life insurance is not related to your salary. An IFA will tell you this. To be honest so would a broker so yours is a bit sh*t.

All IFAs are heavily regulated these days so there aren't many bad ones.
If you want me to provide a personal recommendation (my IFA and a personal friend of over 10 years) then PM me.

So I'm assuming the max 30x salary limit is a HMRC requirements?

[Whorty]

So I'm assuming the max 30x salary limit is a HMRC requirements?

Must confess, I've never heard of a limit in a life insurance policy. Feel free to link to where you got this info from, but as far as I understand it (and trust me, I'm no expert) you can insure your life for as much as you like and your premiums will match that (if a personal policy).

Maybe it's different if you're a director and the Co. is paying? Is it linked to death in service?

Really does sound like you need proper IFA advice rather than relying on a bunch of strangers on a forum who are guessing and don't know your circumstances (you still haven't said if you have kids, wife, partner, how much mortgage is (do you have a policy against the mortgage?).

So many unknowns.

[mrjaywarren]

Wife no kids, she earns significantly less than me and could not afford the mortgage on her own, the life insurance would go down with the mortgage.

I agree I do need to speak to an IFA, can you recommend one?

[ladymuck]

I use Ian Wilson at Forum Wealth, a couple of others here do too.

http://forumwealth.com/our_team

[Whorty]

Wife no kids, she earns significantly less than me and could not afford the mortgage on her own, the life insurance would go down with the mortgage.

I agree I do need to speak to an IFA, can you recommend one?

You definitely need life insurance then, to cover the mortgage and also to give her enough extra to service the cost of living in the house if her salary alone means she may not be able to stay there. Nothing worse than losing a partner, then also being forced to move out the house at a time when grief is at it's worst.

If the worst does happen, then you don't want your wife having to worry about money at a time when life for her will be so bad. It's not just the mortgage, it's costs of living, sorting out the funeral (they aren't cheap), probate (if she gets someone to do it for her, although if your finances are fairly straight forward she could do this herself).

Sort out a will too if you haven't got one. Doesn't have to be complex, as your wife she will be entitled to your estate even without a will, but having one will save a lot of time, cost and heartache.

Your IFA should be able to advise on all this.

I can't recommend an IFA but others have .... probably call a couple and go with the one you feel comfortable with