Life insurance query

[egor110]

Is it worth continuing with life insurance if you've paid the mortgage off and have no children ?

Currently paying 11.09 a month and it provides 32k of life cover / critical illness cover .

[dalenorth]

You need advice for your personal circumstances really.

Do you get full sick pay with work? If not might be worth looking at income protection.

[Mattt]

Do you have a Partner? Do they rely on your income?

[Mattt]

dalenorth said:

You need advice for your personal circumstances really.

Do you get full sick pay with work? If not might be worth looking at income protection.

With mortgage paid off I’d say there’s limited need for income protection, personal circumstances depending of course.

[Sarnie]

egor110 said:

Currently paying 11.09 a month and it provides 32k of critical illness cover

100% yes.

[egor110]

Sarnie said:

egor110 said:

Currently paying 11.09 a month and it provides 32k of critical illness cover

100% yes.

Because ?

We’ve paid the mortgage off and my employer is pretty good for paying if your long term sick .

[JulianPH]

Because of the critical illness cover, not the life insurance element.

[dalenorth]

With regards to needing income protection, the mortgage payment will of likely only been a small part of the ops income. Income protection would pay for all other essentials such as food, council tax, utilities etc, so arguably is more important than life and cic for many

[egor110]

dalenorth said:

With regards to needing income protection, the mortgage payment will of likely only been a small part of the ops income. Income protection would pay for all other essentials such as food, council tax, utilities etc, so arguably is more important than life and cic for many

We could pay all this from wage .

If one of us needed the critical illness cover it’s only for 35k so essentially 2 years worth of one of our wages .

[dalenorth]

Income protection kicks in when your wages stop due to ill health or accident.

You might as you say not need any cover at all but it’s worth taking advice just to be sure. One of our team can have a foc chat with you if you wish?

[Helicopter123]

Adequate protection cover remains the very cornerstone of financial planning.

Critical Illness and Life Cover are very valuable policies to have.

[TwigtheWonderkid]

egor110 said:

Is it worth continuing with life insurance if you've paid the mortgage off and have no children ?

Currently paying 11.09 a month and it provides 32k of life cover / critical illness cover .

You've probably had it for years and it was for a fixed term, maybe 25 years. The premium is an average of the risk over the years. So at the beginning, £11.09 a month is probably a lot for someone of say 25. Then in the middle, late 30s, it's about right. mid 40s onwards and it's very cheap. You're probably in the cheap years, and are getting a lot of cover for the money.

Say you have 5 years left, go on line and see what quotes you can get for the same cover as a new client, for the next 5 years. Probably be a damn sight more than £11.09 a month.

You paid it every month when the risk to the insurers was low. Now you want to stop paying it when their risk of paying out is at it's highest. That's crackers, but they will be delighted.

[egor110]

TwigtheWonderkid said:

egor110 said:

Is it worth continuing with life insurance if you've paid the mortgage off and have no children ?

Currently paying 11.09 a month and it provides 32k of life cover / critical illness cover .

You've probably had it for years and it was for a fixed term, maybe 25 years. The premium is an average of the risk over the years. So at the beginning, £11.09 a month is probably a lot for someone of say 25. Then in the middle, late 30s, it's about right. mid 40s onwards and it's very cheap. You're probably in the cheap years, and are getting a lot of cover for the money.

Say you have 5 years left, go on line and see what quotes you can get for the same cover as a new client, for the next 5 years. Probably be a damn sight more than £11.09 a month.

Good idea i'll do that , although it does seem best just to leave it ticking over .

The policy is decreasing life assurance with crititcal illness cover , no mention of income protection .

Policy started nov 2012 and is due to end nov 2024 , like cover is for 32k which is around what are mortgage was .