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I'm quite risk averse.
Outstanding mortgage balance is £x.
Mortgage cover would pay off the remaining mortgage if either my wife or I pegged it or got critically ill. Mortgage should be gone in 5-7 years anyway.
Also, if I died:
- Work life insurance pays out £2x
- Top up life insurance policy pays out another £x (previous job had a very generous death in service policy that would have paid out >£3x so I added a policy to match it)
- Mrs GB would inherit my private pension (>£2x)
If Mrs GB died:
- No extra life insurance (she does contracting so no work provision, we probably need to sort this out)
- I'd inherit her private pensions (~£2x)
If we both died suddenly then our only child would go to live with one of our siblings (she has loads of cousins around her age) and she'd be financially secure (no surprise as she'd inherit a 3 bed flat in London, our pension pots and life insurance payouts - minus IHT of course).
Plan is to live though, spend most of the money in our retirement and only pass on something modest. I think I have inherited £250 in my entire life.
- Work life insurance pays out £2x
Greenbank-
Plan is to live though, spend most of the money in our retirement and only pass on something modest
I agree with this. I don't think kids looking forward to a large inheritance is particularly helpful for them, aside from the philosophical arguments about it.
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Thanks good sense check.
Think we are a bit the other way as my wife has lost both her parents who were separated and had two very different situations to deal with.
ChasnotRobert
GoatandTricycle
Hmm not exactly true to thread but what sort of life insurance do people have?
We currently have mortgage protection and then similar protection to value of house separately. Then would get some form of death in service with work I think.