Life Getting married soon - do I need life insurance?

  • Thread starter moneybadger
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moneybadger

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I've been looking into life insurance, should anything random happen to me.

I would want my future spouse to be looked after.

I currently have no will or anything either.

Any advice?

moneybadger
 
Do you have a mortgage?, if so it more then likely has a life assurance policy attached which will pay it off in the event of your death so a house would be covered. If your employer has a death in service policy as part of your benefits then you should see how much that is worth. It might mean there is no need for a separate policy
 
If you want your future spouse to be looked after, then take out cover. If you are young and don't smoke, it's pretty cheap.

If you don't have a will, the Succession Act is your default will and everything will go to her once you are married. If you have kids, they will get 1/3 by default.

If something happens before the big day, she is still seen as a stranger in the eyes of the law and CAT is payable on any lump sum (bar the small exemption). You can get around this by her taking out a policy on your life. As she pays for the plan, she is the owner. On death, just a death cert is required and it doesn't have to go through probate. The payout is made much quicker.


Steven
www.bluewaterfp.ie
 
I wouldn't rush out and get life insurance just because you are getting married, unless there is a reason why your spouse can't earn a living. I assume you want to insure both lives, so you are looked after if your spouse dies. It shouldn't be just one way.

Whether you need or want life insurance depends on all sorts of issues.

If/when you have children, you might want to make sure that the surviving spouse has some financial help if one of you dies while the kids are young.
If you have a mortgage, you definitely need life insurance on both lives.

Do either of you have any death in service benefit at work ?
Do you have a pension plan ?

The question only makes sense if you look at your entire financial circumstances.

I think putting money into a pension plan should be a higher priority, but its impossible to answer the question without seeing the whole picture.
 
huskerdu said:
I wouldn't rush out and get life insurance just because you are getting married, unless there is a reason why your spouse can't earn a living.
Click to expand...

Getting married is a massive reason for getting life insurance!! It's a life changing moment in someone's life.

If one of them dies early, they are going from a situation where they share the bills to one person is paying for everything. It is a much bigger demand on income. Why wouldn't he want to ensure that his new wife is looked after financially if something should happen to him? Losing a spouse at a young age is a pretty traumatic event. Having a few quid comfort money and not having to worry about bills can take some of the pressure off, especially when it will only cost €20 - €30 a month.


Steven
www.bluewaterfp.ie
 
Steven,
You give a lot of good, sensible advice on this site, and I usually agree with you. However, we might just have to agree to disagree on this one.

The OP did not say that he was male and his future spouse is female.
We don't know what they both earn or whether they are already living together. I will admit that I am reacting a little to the tone that a husband should look after his wife, which may be unfair of me, but its not the 1950s.


I stand by my statement that both spouses should consider the need for life insurance in the context of their overall financial situation and their future needs, which dont necessarily change one day because they are married,
 
The sexes are irrelevant whether it is the woman who is the "bread winner" or the male. Or they may be equals. It is all generic at present. I am male so I think of him/ he and not her/ she (my daughter is always giving out to me for calling her favourite teddy him! :))

A spouse should ensure that the other is looked after financially if something should happen to them. This is irrespective of earning capacity. A high earner may be able to cope better financially at a loss but a bit of comfort money for them to take some time off work to grieve will do no harm.


Steven
www.bluewaterfp.ie
 
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