Xela Posted April 21, 2022 Share Posted April 21, 2022 23 hours ago, markavfc40 said: Crikey they seemed ancient to me when they came out but I am now older than all of them were except Orbison. I'm older than 2 of them and I don't even class myself as a grown up yet! We've mentioned it before on here, but people in the 70s and into the 80s just looked old! John Thaw was in his early 30s in the Sweeney! 2 Link to comment Share on other sites More sharing options...
Demitri_C Posted April 22, 2022 Share Posted April 22, 2022 Anyone taken out life insurance? If so what age did you take it out? Im 39 just debating whether to think about it from now Link to comment Share on other sites More sharing options...
Seat68 Posted April 22, 2022 Share Posted April 22, 2022 3 minutes ago, Demitri_C said: Anyone taken out life insurance? If so what age did you take it out? Im 39 just debating whether to think about it from now I have had it since my mid twenties. For my wife at least I am better off dead to her. 1 Link to comment Share on other sites More sharing options...
tonyh29 Posted April 22, 2022 Share Posted April 22, 2022 (edited) 27 minutes ago, Demitri_C said: Anyone taken out life insurance? If so what age did you take it out? Im 39 just debating whether to think about it from now I appreciate no one is immortal but 39 is a bit young to be thinking about death isn't it ? The average life insurance pay-out seems to be around £80K .... would that cover a mortgage etc in the event of your death ? if not then you'd need to be looking at some quite high premiums to get a higher payout Rather than life insurance , another option is something called a family income benefit plan ... For a policy that would pay out £56k a year (increases linked to inflation) until your partner reaches state pension age ,it would be around £70 a month ... though I'd guess it could be more expensive as you are only 39 and presumably the pay-out would have to run a lot longer than for someone who is say 50 . I'm not a financial expert , but presumably in the event you don't die unexpectedly young ( we all die at some point unless I pick them in the Deadpool ) any policy like this is dead money and its gone ? ... if you put the same amount into your pension , then the money can still be used either by you if you survive ..or by a partner at some point in the future if you die .. the pension also has some tax advantages and value wise should increase at a decent rate ..but someone better qualified than me can give you advice on that Edited April 22, 2022 by tonyh29 1 Link to comment Share on other sites More sharing options...
choffer Posted April 22, 2022 VT Supporter Share Posted April 22, 2022 28 minutes ago, Demitri_C said: Anyone taken out life insurance? If so what age did you take it out? Im 39 just debating whether to think about it from now I almost did then I realised I had no dependents (that was a real shocker) and I've a quarter mill DiS benefit with my current work so I'm not so worried about it. Link to comment Share on other sites More sharing options...
PussEKatt Posted April 22, 2022 Share Posted April 22, 2022 I took out life insurance when I was about 30 and I collected $85,000 when I reached 60.Nice payout,that I had forgotton all about as the payments were taken out automatically Link to comment Share on other sites More sharing options...
Anthony Posted April 22, 2022 VT Supporter Share Posted April 22, 2022 4 hours ago, Demitri_C said: Anyone taken out life insurance? If so what age did you take it out? Im 39 just debating whether to think about it from now Ex financial advisor here. If you wait until you need it.it's too late and too expensive. If you take it out before you need it, then it'll work out much cheaper... but that's a hard sell. Ideally, sit down in your twenties and make a rough plan of how you would like your life to pan out, maybe by decade, then plan so that you have the right money at the right time. Reality now though, is that so many people can barely make it to the end of the week with what they have, and have no spare cash to plan ahead. 1 Link to comment Share on other sites More sharing options...
bielesibub Posted April 22, 2022 Share Posted April 22, 2022 5 hours ago, Demitri_C said: Anyone taken out life insurance? If so what age did you take it out? Im 39 just debating whether to think about it from now I've had life insurance for myself and the wife since we were in our mid twenties, as my IFA mate said, these insurances are the lotteries no one wants to win. I also had health insurance and critical illness cover. When I was diagnosed with MS both paid out. I got enough to pay most of our mortgage from the health insurance and after a wait of 12 months got a monthly income from the illness cover (which turns out to be about half of what i was making when healthy), but this does go up 5% each year until I am 60. 2 Link to comment Share on other sites More sharing options...
Popular Post ender4 Posted April 22, 2022 Popular Post Share Posted April 22, 2022 1 hour ago, PussEKatt said: I took out life insurance when I was about 30 and I collected $85,000 when I reached 60.Nice payout,that I had forgotton all about as the payments were taken out automatically Are you a ghost? 1 5 Link to comment Share on other sites More sharing options...
ender4 Posted April 22, 2022 Share Posted April 22, 2022 5 hours ago, Demitri_C said: Anyone taken out life insurance? If so what age did you take it out? Im 39 just debating whether to think about it from now No life insurance, no critical illness cover, no income protection cover, no private health insurance. I've either just been lucky that i've not needed any of them yet, or i've saved a fortune. I'll let you know how it all worked out in 60 years time if i'm still alive or from my downloaded brain in the metaverse. Link to comment Share on other sites More sharing options...
Anthony Posted April 22, 2022 VT Supporter Share Posted April 22, 2022 1 hour ago, bielesibub said: I've had life insurance for myself and the wife since we were in our mid twenties, as my IFA mate said, these insurances are the lotteries no one wants to win. I also had health insurance and critical illness cover. When I was diagnosed with MS both paid out. I got enough to pay most of our mortgage from the health insurance and after a wait of 12 months got a monthly income from the illness cover (which turns out to be about half of what i was making when healthy), but this does go up 5% each year until I am 60. As an FA I would set up insurance for people. It feels really weird when customers claim. Link to comment Share on other sites More sharing options...
Xela Posted April 22, 2022 Share Posted April 22, 2022 7 hours ago, Demitri_C said: Anyone taken out life insurance? If so what age did you take it out? Im 39 just debating whether to think about it from now Only got it through work. Pay pennies and got substantial death in service, critical illness, income protection, accident insurance and BUPA care. One of the benefits of working in the financial services area. If i had to pay regular prices then I probably wouldn't bother as I have no dependants. Link to comment Share on other sites More sharing options...
blandy Posted April 22, 2022 Moderator Share Posted April 22, 2022 On 15/04/2022 at 09:13, mjmooney said: One of the worst things ever to happen to music, and a classic example of why the 80s was shit. 1 Link to comment Share on other sites More sharing options...
bielesibub Posted April 22, 2022 Share Posted April 22, 2022 2 hours ago, Anthony said: As an FA I would set up insurance for people. It feels really weird when customers claim. Better to have and not need, than need and not have. 1 Link to comment Share on other sites More sharing options...
ferguson1 Posted April 22, 2022 Share Posted April 22, 2022 A very good friend of Mrs F passed away this morning. 53 and taken by cancer. It really is no age and the scary thing is that they were only diagnosed last August. It puts things into perspective a lot and that we should live life to the full now. Mrs F and I talk a lot about what we’re going to do in retirement but I really hope we get there and more. Anything can happen in an instance. 2 Link to comment Share on other sites More sharing options...
foreveryoung Posted April 22, 2022 Share Posted April 22, 2022 I opted out of my work life insurance and pension. Some guys pay a small fortune into it thinking it'll be worth 150k when they retire. That's great, but I wanna live now and £150-£200 a month comes in useful if not just saved. I rent a flat in Birmingham anyway which I will use as my retirement, so not fussed too much. Link to comment Share on other sites More sharing options...
Chindie Posted April 22, 2022 VT Supporter Share Posted April 22, 2022 Life insurance or life assurance? Link to comment Share on other sites More sharing options...
Davkaus Posted April 22, 2022 Share Posted April 22, 2022 7 minutes ago, foreveryoung said: I opted out of my work life insurance and pension. Some guys pay a small fortune into it thinking it'll be worth 150k when they retire. That's great, but I wanna live now and £150-£200 a month comes in useful if not just saved. I rent a flat in Birmingham anyway which I will use as my retirement, so not fussed too much. Where are you living when you sell your flat for your pension fund? Link to comment Share on other sites More sharing options...
foreveryoung Posted April 22, 2022 Share Posted April 22, 2022 6 minutes ago, Davkaus said: Where are you living when you sell your flat for your pension fund? I have a house too, which I live in now with the Mrs, about 10 years left on the mortgage. Link to comment Share on other sites More sharing options...
Popular Post Xela Posted April 22, 2022 Popular Post Share Posted April 22, 2022 20 minutes ago, foreveryoung said: I opted out of my work life insurance and pension. Some guys pay a small fortune into it thinking it'll be worth 150k when they retire. That's great, but I wanna live now and £150-£200 a month comes in useful if not just saved. I rent a flat in Birmingham anyway which I will use as my retirement, so not fussed too much. Life insurance/assurance I get, but pension? Wy would you opt out of that? if they contribute, its free money. Plus tax benefits as well. £150k is nothing in a pension pot. That'll get you naff all when you retire. 6 Link to comment Share on other sites More sharing options...
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