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Previously on "Life insurance - how much you all got?"

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  • vwdan
    replied
    £500k index linked til I'm 70. Costs about £35 a month I think, so a fair bit of piece of mind.

    Can't remember the exact calculation, but I essentially tried to make it so that if I drop dead, the mortgage gets paid and wife doesn't need to work til our little one is much older, while also providing a reasonable standard of life.

    Currently that works out to be ~£27k per year (after tax, so equiv to earning £35k). Which, with no mortgage (and she could even downsize) doesn't seem unreasonable. She's ****ed when he's 18 though! But, you get the idea - I felt that was a fair balance and obviously it works out better as time goes on.

    At some point I'll stop the index linking, but you can't put it back again after - so probably something I'll do when they're in secondary school and I'm satisfied the cash will go a long way

    My wife is covered for £250,000 which, really, was more to cover off the idea of us both copping it and ensuring the little one is truly set up.
    Last edited by vwdan; 25 June 2021, 16:56.

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  • AtW
    replied
    Originally posted by _V_ View Post
    £10M (you have expensive dependents and lifestyle)
    And how much premium would you be paying for that, well in excess of £100k per year?

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  • _V_
    replied
    Originally posted by d000hg View Post

    Even if one takes the view you don't care what happens to everyone else when you're dead, it will make your spouse feel a bit more secure while you're alive. Happy wife, happy life.
    Well yeah, that's why I was pointing out it's the same poster posting yet more moronic stuff.

    How much life insurance?

    Well it depends. Valid amounts are probably in the range of £10K (funeral) to £10M (you have expensive dependents and lifestyle)

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  • d000hg
    replied
    Originally posted by _V_ View Post

    Kind of stupid question really, you are dead, so what is it for? That will determine how much you need to cover and how much you need?

    From - just enough to cover a funeral
    To - Enough that all my dependents become millionaires
    Even if one takes the view you don't care what happens to everyone else when you're dead, it will make your spouse feel a bit more secure while you're alive. Happy wife, happy life.

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  • ravenshaw
    replied
    Click image for larger version

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  • northernladuk
    replied
    Decreasing live cover or what ever it's called just to cover the mortgage in the event the worst happens. Enough else where for the family to be comfortable so only really need to make sure they've a roof over their heads.

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  • _V_
    replied
    Originally posted by psychocandy View Post
    Mines running out soon.....

    Not cheap as you get older. Since pretty much none of us get death in service benefits wondered how much you all pay for?
    Kind of stupid question really, you are dead, so what is it for? That will determine how much you need to cover and how much you need?

    From - just enough to cover a funeral
    To - Enough that all my dependents become millionaires

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  • _V_
    replied
    Originally posted by psychocandy View Post
    Mines running out soon.....

    Not cheap as you get older. Since pretty much none of us get death in service benefits wondered how much you all pay for?
    Why not get whole of life cover? Or was it taken to cover a mortgage that has now been paid off?

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  • d000hg
    replied
    Originally posted by ShandyDrinker View Post
    750k. Wanted to ensure that as haven't hit 50 yet, there would be enough to easily pay off the mortgage and leave enough for the other half to be comfortable. With one kid still at school, seems pretty responsible... on the other hand, I have little doubt some might say it's a mad amount.
    Without knowing your mortgage it doesn't seem daft. Mine was similarly calculated to pay off the mortgage and mean my wife didn't have to work for a year or so. On the other hand she has only a small policy because I'm the main earner and realistically would rather work than mope about.

    Leave a comment:


  • ladymuck
    replied
    Originally posted by ShandyDrinker View Post
    750k. Wanted to ensure that as haven't hit 50 yet, there would be enough to easily pay off the mortgage and leave enough for the other half to be comfortable. With one kid still at school, seems pretty responsible... on the other hand, I have little doubt some might say it's a mad amount.
    I don't think so. You have worked out an amount to make sure those that are left aren't worrying about money. Obviously too high an amount and your other half might start googling untraceable means of bumping you off...

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  • ShandyDrinker
    replied
    750k. Wanted to ensure that as haven't hit 50 yet, there would be enough to easily pay off the mortgage and leave enough for the other half to be comfortable. With one kid still at school, seems pretty responsible... on the other hand, I have little doubt some might say it's a mad amount.

    Leave a comment:


  • Whorty
    replied
    Originally posted by ladymuck View Post
    None. I have no dependents so what do I need it for? I'll be dead
    Yep, same here. Cancelled it after Mrs W passed away.

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  • Scoobos
    replied
    None here either. no dependants, no debt.

    Leave a comment:


  • ladymuck
    replied
    None. I have no dependents so what do I need it for? I'll be dead

    Leave a comment:


  • d000hg
    replied
    It's running out because you didn't expect to live this long when you got it?

    IIRC I've got either 300k or 500k on a policy under my Ltd.

    Leave a comment:

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