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Life Insurance or not - opinions please - not MS

Good morning all. I’m canvassing for opinions as to whether or not I should take out life insurance.

I’m retired with a good occupational pension, I’m married to an older man, who also has a reasonable occupational pension, but not as good as mine. We have no family. We still have a mortgage which will be paid off in about seven years.

Given the 18 year difference in our ages and the fact that women generally live longer than men, even taking my MS into account, unless I come to an untimely end, I will probably outlive him, but you never know do you?

Should I Be the one left behind my pension and PIP will be sufficient to meet the bills and live off, and I would get a portion of his pension as a widow.

However, my husband’s pension might not be sufficient, although he too would get a portion of my pension as a widower.

So, what do you think should I take out life cover for those seven years just to cover the outstanding mortgage so that in the event of my coming to an untimely end he won’t be suffering hardship?

Hello Eve

I would think it’s a matter of whether it would cost such a lot of money that you’d be better off trying to reduce the length of your mortgage by putting the money into that instead.

Have you had any quotes for Life Insurance? I can imagine your life would be rather expensive to insure.

It does you great credit to be planning ahead a ‘just in case’ scenario, but as you said initially, the chances are that you will in fact outlive him, in spite of MS, just purely because he’s male and older.

Just my opinion. I’m married to someone with a big age gap too and I certainly don’t want to outlive him, but it could happen. Luckily, his income is sufficient - much more so than mine. So the same situation isn’t likely to occur. Thankfully.

Sue

agree with Sue - I would be aiming to pay off/reduce the mortgage.

Thank you both, we would’ve owed a whole lot less if we’d not had to spend thousands on adaptations etc to make life a bit easier. I’ll go with your advice. xx

1 Like

I would pay the mortgage off quicker you cant have much left to be honest.

we both had a funeral plan so if one passed the funeral was paid for and believe me that is a big expense to find suddenly. Most cost around 4,000 to 5,000 now and thats just a normal one.

I had an endowment with ours, and then changed to repayment and in the end the endowment matched the repayment so we used it to pay the mortgage off. It was lovely owning our own home. I couldnt get insured without huge cost neither could hubby as he had COPD. when he died i managed and had money coming from all over the place i didnt know i was entitled too.

Although non of made up for the loss. I sold my house and moved into sheltered. Your husband might not want to stay in the house and there is the capital anyway for both of you.

xxxxx