Life insurance Q

[Speak no evil]

Had a strange text from youngest daughter last night, asking if I had life insurance, she wants to know that her and her sister and grandkids will be provided for when the time comes☠️
I own my own house(no mortgage etc) have no debts, and have considerably savings, No husband either.
I’m slowly getting more and more *issed At her asking this question , I really don’t feel I need life insurance as there will be plenty for everyone when the time comes.
Views ??

[sociopath]

Money grabbing offspring sees lots of daytime tv adverts from money grabbing life insurance companies.

Spend your money whilst you're alive, why do you have to provide for them when you're gone?

[The Leaper]

Ask her to pay the premiums, and if she has any real concerns this will reveal them!

R.

[55palfers]

Don't let any of them in your home if they have a cough.

[i4got]

That would seriously make me consider writing them out of the will and leaving anything in trust to the grandchildren for when they reach adulthood. Unbelievable nerve.

[foliedouce]

My daughter asked me once if she would get my house when I died (she didn’t seem to be worried about what her brother might get).

So I’ve told them both, that they’ll be getting sweet FA when I die, as I intend to spend as much of MY money as I can having fun whilst I’m still able to, and I’m leaving the rest to the dog rehoming place.

I’ll leave them a couple of grand each to try and avoid the contestation of the will.

When my parents die, I’ll get nothing. Bar a Freeman’s catalogue suit my Mum bought me on weekly payments, they’ve not supported me at all financially since I left home at 18.

I absolutely despise this expectation culture. In my view, once they’ve left home, kids should make their own way in life. I appreciate that’s an unpopular view on PH given some of the threads I’ve read on IHT / dodging care home costs etc, but it’s what I think.

Maybe say similar to your daughter?

[Pedro Raynard]

OP. Your views seem aligned with mine.

Perhaps you ought introduce them to the pastime of SKIing, (Spending Kids Inheritance) Explain your aim in life is to really hone those skills as you approach retirement, it might take considerable practice but you keep at it.

[anonymous-user]

Speak no evil said:

Had a strange text from youngest daughter last night, asking if I had life insurance, she wants to know that her and her sister and grandkids will be provided for when the time comes?? I really don’t feel I need life insurance as there will be plenty for everyone when the time comes.
Views ??

I suspect it's just a misunderstanding about what life insurance is for.

Its purpose is usually to protect a family against "early death" rather than "death at typical old age".

Life insurance can be useful for IHT planning if you make a significant lifetime gift and are concerned about how the tax will be paid if you die within 7 years. For instance,

• Give £100k to help a child buy a house
• You die in an accident shortly after the gift was made
• £40,000 IHT tax bill for the child to pay - but no cash available as it's all tied up in a house
• Life insurance can plug that hole.

Unsurprisingly, the older you are the more expensive life insurance is to buy. So it would be inefficient trying to use it for the specific purpose of leaving an inheritance at age 85, or whatever.

[2 sMoKiN bArReLs]

Speak no evil said:

Had a strange text from youngest daughter last night, asking if I had life insurance, she wants to know that her and her sister and grandkids will be provided for when the time comes??
I own my own house(no mortgage etc) have no debts, and have considerably savings, No husband either.
I’m slowly getting more and more *issed At her asking this question , I really don’t feel I need life insurance as there will be plenty for everyone when the time comes.
Views ??

Seriously? That's just shocking.

[JulianPH]

My view is also that this is shocking.

It is no longer your job to financially look after her - and it is her job to to financially look after her kids.

As you say, you have already got a large inheritance in place for them anyway. This is greed and/or entitlement and whilst I am a very reasonable person I would feel the same way as you do.

Her focus should be on your life, not your death.

[2 sMoKiN bArReLs]

JulianPH said:

Her focus should be on your life, not your death.

This.

I hope my folks spend their last penny they day they draw their last breath.

[williaa68]

It is always possible that she has your best interests at heart. Maybe she realises you are over the IHT threshold and thinks insuring against the excess IHT liability is a good idea while you are still youngish (assuming you are). If so, she might be right. Why not give her the benefit of the doubt and have a chat with her? I would be delighted if my parents spent all their money or left it to charity but I find it difficult to have a sensible conversation with them without sounds like a grasping son, which I am not. I would just like them to think about the future rather than a large chunk of the wealth they've spent decades accumulating going to rishi sunak by default.

[rfisher]

55palfers said:

Don't let any of them in your home if they have a cough.

[2 sMoKiN bArReLs]

williaa68 said:

It is always possible that she has your best interests at heart.

Just read the first sentence again. I don't think there's a shred of doubt as to who's interest she's worried about.

Nice that you can look for the best in people though

[Muzzer79]

This seems to be very prevalent at the moment with ‘boomer’ parents who own their own home, have decent pensions and lots of disposable income versus their offspring who are struggling to afford a home and want a piece of the action.

Tell her that you’ll be spending YOUR money as you see fit and, due to your positive financial situation, you have no need for life insurance.

[Groat]

You could tell them you'll be happy to carry high value LA and gift it to them, if they'll pay the premiums.

No skin off your nose if they agree.

Mind you, they might murder you once it's on acceptance.

[catman]

Speak no evil said:

Had a strange text from youngest daughter last night, asking if I had life insurance, she wants to know that her and her sister and grandkids will be provided for when the time comes??
I own my own house(no mortgage etc) have no debts, and have considerably savings, No husband either.
I’m slowly getting more and more *issed At her asking this question , I really don’t feel I need life insurance as there will be plenty for everyone when the time comes.
Views ??

Would you like a date?

[Jim on the hill]

What a strange request. Hopefully she misunderstands what life insurance is for.

I know personally I'll be trying to leave as much as I can to the younger generation ideally in a way to keep helping the younger generations.

[JulianPH]

catman said:

Speak no evil said:

Had a strange text from youngest daughter last night, asking if I had life insurance, she wants to know that her and her sister and grandkids will be provided for when the time comes??
I own my own house(no mortgage etc) have no debts, and have considerably savings, No husband either.
I’m slowly getting more and more *issed At her asking this question , I really don’t feel I need life insurance as there will be plenty for everyone when the time comes.
Views ??

Would you like a date?

Best answer so far!

[Julia121]

Speak no evil said:

Had a strange text from youngest daughter last night, asking if I had life insurance, she wants to know that her and her sister and grandkids will be provided for when the time comes??
I own my own house(no mortgage etc) have no debts, and have considerably savings, No husband either.
I’m slowly getting more and more *issed At her asking this question , I really don’t feel I need life insurance as there will be plenty for everyone when the time comes.
Views ??

What's really going to bug you is when you realize just how long she's been thinking about it before contacting you! Anyway text is a bit passive aggressive so you can have hours of fun being passive aggressive back i.e. no insurance because you're selling the house and going to Gambia/Philippines/Thailand to live with your toy boy....