Life Is Life Ins Worth Bothering with in our Situation

pudds

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Partner A, pudds.

Age 65
Non Smoker.
Income: €180 Job Seekers Allowance
Savings: €30k
House: Owner occupier, no mortgage, value, under 100k

Partner B,

Age 51
Smoker (The only bit of comfort they have) x rays results are clear.
Income: €188 Disability Allowance (Progressive Disability since birth)
Savings: Nil
Employability Prospect, zero


I'm really only worried should my partner die before me (financially) and say my savings were down to 10k funeral costs would take most of that and I'd be left with no safety net should the house need urgent work or I need urgent health care.

I got an ins quote for my partner, which was for 50k for 15yrs @ €29.40 pm, total €5292.

Would I be mad to take this out, my heart says yes, but it would give a bit of comfort zone for a few years. Can't get me head around it. :(
 
Is the funeral cost the main problem? There was and I presume still is the possibility to pay for this with an undertaker by paying him weekly. I know my grandmother bought her plot and paid for her and Granddad's funeral this way.

Why will it cost 10K for the funeral. What does that consist of. I saw a guy in Donegal built his own coffin for under 100 Euro I think. As you do I was looking at coffins last year and couldn't get over how much they cost, in my opinion, and no insult to anyone else, it's riduculous. I remember one was at least 5K and for that the handles were plastic.

Pudds, have you a Credit union account, they used to have some kind of life insurance linked to accounts/shares.

In relation to house repairs, any chance you both could put say a fiver a week aside to cover these, so that you don't eat into your capital.

Finally, there is, or was, a possibility to get an upfront amount from your bank, whereby they'd give you some of your equity in return for you signing the house to them, or a share of it. Not for now, but something to think about if the need arises.
 
A funeral should not cost you anything like €10k, so I think you are worrying unnecessarily.

I don't really see the point of life insurance.

What if you die before your partner? How will she pay for your funeral?

Have you made a will leaving her your house and cash? How will she pay the CAT?

That seems to me to be a far more likely outcome and bigger problem to worry about.

Brendan
 
I believe that life cover should really be used to replace lost income. As you don't have an earned income, I wouldn't see the point in taking out cover. If you did take it out, why take out a 15 year plan? Do you know you are definitely going to die in 15 years time?

If funeral costs are your worry, pre pay for your funeral. All the major undertakers will have pre paid plans. Give them a call and go through your options with them.


Steven
www.bluewaterfp.ie
 
Why will it cost 10K for the funeral. What does that consist of.
Partners mother's funeral cost 6k 1.5yrs ago, which shocked me and it was down the country, had her own plot and no travel costs involved, just a hearse.

Pudds, have you a Credit union account, they used to have some kind of life insurance linked to accounts/shares.
Have indeed. Pays out about 3.25k or used to anyway.


Finally, there is, or was, a possibility to get an upfront amount from your bank, whereby they'd give you some of your equity in return for you signing the house to them, or a share of it. Not for now, but something to think about if the need arises.

I'm aware of that, but as you say maybe for later. Not sure if their still doing it. Only a worse case senario option though.

A funeral should not cost you anything like €10k, so I think you are worrying unnecessarily.

I don't really see the point of life insurance.

What if you die before your partner? How will she pay for your funeral?

Have you made a will leaving her your house and cash? How will she pay the CAT?

That seems to me to be a far more likely outcome and bigger problem to worry about.

Brendan

I don't think it will concern our situation though, and no children to consider either.

Exemptions

The following are exempt from Capital Acquisitions Tax:

Gifts or inheritances from a spouse or civil partner
 
When they say "civil partner" they mean couples who have had a civil partnership (ie Gay Marriage) and not cohabitants. Depending on your own circumstances it may leave your partner (or yourself, whichever survives) with a CAT bill when the time comes.
 
thats right Mrs Vimes so would the consensus me, not to bother with life insurance as it really is only a gamble.
 
Partner B,

Age 51
Smoker - x rays results are clear they won't be further down the line



I got an ins quote for my partner, which was for 50k for 15yrs @ €29.40 pm, total €5292.

(

Is that €50k payable if death occurs within the 15 year term or is it payable if Partner B survives the 15 year term?
 
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Hi Pudds
Whole of life for your partner would cost 35 per month for approx 15,000 cover and this is within the threshold in terms of CAT (compare this with the weekly cost to the undertaker €8 per week) and I disagree entirely with the comment that life cover is not required that is like saying to cancel your house insurance because you are unlikely to be robbed (death and taxes the 2 certainties in life) Padraic
 
Would insurance really be that affordable for someone who obviously has some sort of progressive illness? I see nothing wrong with having a small policy if it would give you peace of mind at a low cost but just wondering will that low cost be achievable once the medical info is provided. Obviously don't know the details of the illness but it could surely impact on the quote.
 
Would insurance really be that affordable for someone who obviously has some sort of progressive illness? I see nothing wrong with having a small policy if it would give you peace of mind at a low cost but just wondering will that low cost be achievable once the medical info is provided. Obviously don't know the details of the illness but it could surely impact on the quote.

I know you don't know the full details but your post sums up my own thoughts on whether its worth taking out Life ins when only asset is 30k.

I'll carry on without it and take our chances unless we win the lotto:D

Thanks to all for your replies.
 
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