spinmaster
Registered User
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- 30
Look at your take home pay - that is the income that has to be replaced - say €3,000 a month
Perhaps the OP is looking for a little more than survival. I'd agree with SBarrett, life cover is not that expensive.Many, many single parents survive very well.
This is a common mistake.
You don't need to look at your take home pay. You need to look at the income your spouse would need in the event of your death.
Your take home pay might be €8,000 a month, but you need only €3,000.
She will probably qualify for the widow's pension which reduces it further.
Your take home pay might be €2,000 a month, but you need €3,000.
And you also need to look at your overall wealth. If you are wealthy already, you might not need €3,000 or any life insurance.
Brendan
Why is it not expensive?
Because the likelihood of death is so low.
It might not be expensive,but it's bad value. And you should not buy too much of anything which is bad value.
Brendan
Hi Steven
I would say we are in general agreement on the principles - it's the extent I am arguing about.
If you have mortgage protection, your mortgage will be paid off.
So your wife and kids will be living mortgage-free.
Most single parents would love to be in that position.
For most people, I think that would be enough.
Our attitudes to life cover were developed when women didn't go out to work even after their husband died.
These days most women would go out to work and earn a living and be fairly well off if they didn't have a mortgage to pay.
Brendan
So your wife and kids will be living mortgage-free.
Our attitudes to life cover were developed when women didn't go out to work even after their husband died.
These days most women would go out to work and earn a living and be fairly well off if they didn't have a mortgage to pay.
There are times when I find it hard to believe I'm living in the 21st Century and not the 19th.... Why do you assume that only a man's life would be insured?
I am in the process of reviewing our (wife and I) life assurance
I am in the process of reviewing our (wife and I) (my emphasis) life assurance
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