Death in Service?

[Lounge Lizard]

Lounge, again you are missing the point. Maybe your wife does earn more than you, but there is more to consider than money should you die. Your wife not be in a fit state to work or might need to give up or reduce hours to take more time with the kids. There is such a lot to consider and the only ones able to do that taking into account their personal circumstances are the ones considering insuring themselves. I dont know where you get the £40 from. Depends on many things, including age, gender, health and term of years. For a young couple this will be considerably cheaper than for someone in their late thirties/fourties assuming they are A1 health.

I got the £40 as a rough estimate for £500,000 having read here that £12.42 per month would give £150k.
Please explain what point I'm missing.
You assume my wife's in a fit state to work now and that she might want or need 'more time with the kids' than now and you probably assume the Royal Mail death benefit wouldn't keep her going well enough for quite some time, and so long as you keep making wrong assumptions you're not in a position to offer me sensible advice.
There is indeed more to consider than money should I die but I've been about plenty long enough years so that's not something I give a lot of thought to.

[Lincox]

Lounge, if you read me properly, I have not made assumptions, and I would not for one minute wish to give you personal advice as I am not regulated to do that. You are the one that assumed that the adviser had the same chat line with all of his customers. The person who originated this thread was asking about death in service benefits as a means of covering his mortgage, and one or two of us suggested that this might not be a sensible way of doing this as there are other things to consider. The way you protect your family is up to you. However a regulated adviser has the responsibility of taking all facts into consideration before providing advice, but it is up to the individual whether they accept or ignore the advice.

[mr ford]

what if you get sacked ? does life insurance cover that ? i think not so no point stick with your death in service mate

[Lincox]

Can you please explain how you can continue with death in service benefits if you are sacked?

[mr ford]

Can you please explain how you can continue with death in service benefits if you are sacked?

you wont get death in service if your sacked or life cover wont pay out if your sacked either .

[Lincox]

Mr Ford, sacking does not affect a private life policy. It may be that if you fail to get another job, the costs may become unaffordable, but you have the choice as to whether you continue with it or not. Death in service benefits will definitely be cancelled from the day that you leave if you are sacked.

[mr ford]

Mr Ford, sacking does not affect a private life policy. It may be that if you fail to get another job, the costs may become unaffordable, but you have the choice as to whether you continue with it or not. Death in service benefits will definitely be cancelled from the day that you leave if you are sacked.

i know sacking doesnt affect a life policy but being sacked and losing 303 quid a week affects your ability to pay bills