I am a single mother aged 52 with a 17 year old still at home. I have a decreasing life insurance attached to my mortgage due to finish in 9 years but I am aware if anything happened to me he would have no financial help to pay for my funeral etc.

Should I take out an additional life assurance there is one on the site for £8.00 + a month,of course I have to be realistic as to how much I can afford but dont want to leave him in such a financial state.

I am quit insured for critical illness, private health care but not ever considered of when im not around.

Any points would be muc appreciated.

Margareth

Hi there margareth,

It's entirely upto you just a thought you say you have presently critical illness etc. Would you current insurer give you a reasonable quote also if you are a member of a professional body ie trade union they may have a contact for cheap insurance policy? Just thinking 'out loud'

Regards,

Paul

Hi Paul

Many thanks for the reply. my critical illness again was purchased when I brought my property, but at the time to be honest I was so devasted by what had happened to my family I just pay out the money and not sure exactly what Im paying for. My private health is with Bupa, life insurance legal and gen and critical illness a company called payment shield. It just worries me that I have limited finances coming in but need to set something up for my son to fall back on, on my death. I do hope its a long way off though but when i contaced legal and gen the girl said it was for my mortgage and after that was paid it would stop so have no finances to come from it. Again it should have been explained in more detail when I purchased it. So to be realistic do I now take an additional life insurance but for a small amount which in a way will be a sort of savings plan for funeral costs and what ever is left will be his.

Have a good weekend and any advice is greatly received

Margarth

Hi again, I'm no expert on this so this is just how see it hopefully others will post later-I'm prepared to be corrected:

With critical illness broadly speaking they will pay out, as long as you've been honest I'm sure, a pretermined amount, before your death in order to assist in managing your condition. As far as I'm aware BUPA will get you sorted quicker for a medical problem. Life insurance can be level term meaning you get a level amount whether you die now or a few years down the line, usually more expensive than decreasing term life insurance, usually but not always linked to a mortgage, wherby the payment decreases in line with years to a predetermined date until you get nowt!-, usually the end of the mortgage if you died before you're mortgage ended this payment should cover the amount of the outstanding mortgage and should be used for this IMO!

Now this is where your opinion and research is needed. Yes insurance can be an option but there are other ways such as a savings account possibly and I know this point could be emotive -cancelling your BUPA payment (Use NHS) and using that and any other cash to fund the cash for your son. I'm no expert financial advisor and this is just a few thoughts to think on. I do hope that some others post on this thread and can perhaps help you further. Hopefully you have many years left! and your son in the fullness of time may/can seek employment whereupon he can save some money for himself.

Right off to work! hopefully by Monday you'll be inundated with advice TTFN

Paul