Life Insurance

[Simon Bags]

Afternoon everyone, please excuse what will seem a very stupid question, but can you have Life Insurance if you have no debt and no mortgage?

Thanks, Simon.

[alscar]

Do you also have any dependents or live with your parents or have elderly parents living with you /others that may depend on you financially ?
Even if not you can still take out Life Insurance on yourself assuming you then know where you wish the money to go to.

[Simon Bags]

It's not really for my benefit, I live with my Father, Mother passed in 2017 with no Life Insurance, Father has no debt, no Mortgage, just wondering if he does or should have Life Insurance and what would happen to a potential policy he's been paying into?

[BoRED S2upid]

Yes of course you can. You can set a sum £100,000 and in your will leave it to the cats home if you so wish.

[Simon Bags]

BoRED S2upid said:

Yes of course you can. You can set a sum £100,000 and in your will leave it to the cats home if you so wish.

Ok, thank you.

[alscar]

Simon Bags said:

It's not really for my benefit, I live with my Father, Mother passed in 2017 with no Life Insurance, Father has no debt, no Mortgage, just wondering if he does or should have Life Insurance and what would happen to a potential policy he's been paying into?

I assume you've tried asking him or don't want to ?
If he does have such a policy then it will obviously pay out on his death and assuming the policy is still in force and hasn't been cancelled etc but to whom difficult to say without seeing it obviously.
If you can't get any details from him then perhaps you need to try and look through his papers ?

[Simon Bags]

alscar said:

I assume you've tried asking him or don't want to ?
If he does have such a policy then it will obviously pay out on his death and assuming the policy is still in force and hasn't been cancelled etc but to whom difficult to say without seeing it obviously.
If you can't get any details from him then perhaps you need to try and look through his papers ?

He keeps all financial things very close and under wraps and I really don't want to ask him. It'll be fine, he's as fit as a fiddle and turns 90 in December. Probably out live me anyway!

[dalenorth]

Simon Bags said:

Afternoon everyone, please excuse what will seem a very stupid question, but can you have Life Insurance if you have no debt and no mortgage?

Thanks, Simon.

Yes, absolutely and leaving money for a family to survive on if often more important than covering a mortgage!

Family income benefit might be worth a look and make sure you use a trust.

We run a ph discount scheme for life and other products so drop me a pm if you’d like any help.

[dalenorth]

Simon Bags said:

It's not really for my benefit, I live with my Father, Mother passed in 2017 with no Life Insurance, Father has no debt, no Mortgage, just wondering if he does or should have Life Insurance and what would happen to a potential policy he's been paying into?

How old is he? Maybe a small whole of life policy might be suitable

[Simon Bags]

dalenorth said:

How old is he? Maybe a small whole of life policy might be suitable

Turns 90 in December.

[dalenorth]

Simon Bags said:

dalenorth said:

How old is he? Maybe a small whole of life policy might be suitable

Turns 90 in December.

Sadly he is too old for cover, but might be worth checking in with him to see if he has any old policies.