What do you think about life insurance? Do you have it? Or not? Is it good, or bad, or something else?

I don't have any and have never felt the need to explore that space. I also don't have any income protection insurance.

To me life insurance (like income protection) looks more like a gimmick. Just my view and I know others will think differently.

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OutoftheGloom · 46-50, F

It was so useful to me when my husband suddenly died. It gave me some financial peace of mind. He had two different policies. I got £12,000. My husband managed all of the finances and being a good provider meant a lot to him.

zonavar68 · 56-60, M

@OutoftheGloom I'm glad it worked well for you. I'm super dubious about 'ancillary' insurance products outside of standard home/contents, vehicle, etc. There is so much pressure to 'insure' against every conceivable kind of loss but I'm not saying your decision wasn't the right one. Heaps of people cannot afford to insure their properties at all or fully here anymore and life/income and even health insurance have questionable values to many.

OutoftheGloom · 46-50, F

@zonavar68 I think if it's something you can afford then it's a good thing to do, especially if you have dependants that without you, would struggle financially if anything were to happen. Like anything though, you have to weigh up all the pros and cons.

iwishuwerehere · 61-69, M

I think you have a good view. If you have nothing & just want to make sure you get planted properly when you croak, then maybe life insurance is good for you, however, if you have a few bucks life insurance is a lousy investment. There’s lots of better places to put money so it will make money then life insurance

Convivial · 26-30, F

I'm rather cynical about it... The math involved would tend to indicate that the money paid out, plus the profit for the company can't be greater than the money paid in

zonavar68 · 56-60, M

@Convivial I don't believe the human life value calculators. And I agree - the presumption would be you pay premiums for as long as possible to justify getting a payout if needed should you become unalive and beneficiary of the estate (sounds eerily like sovereign citizen stuff) gets to claim.

Convivial · 26-30, F

@zonavar68 I guess the answer revolves around how much spare cash you have every month

zonavar68 · 56-60, M

I guess another issue with life insurance is if you break up with your partner your now ex might unalive you in retailiation in order to claim on the life insurance as a way to get money out of you post-unaliving. I've never had any life insurance even when I did have a partner.

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