life insurance

[Ralphy]

No point me making a will then really cos i have nobody to leave anything to!

My estate will go to my sister and parents.

[janaage]

No point me making a will then really cos i have nobody to leave anything to!

My estate will go to my sister and parents.

If you do not make a will then it's not a simple as saying your belongings will go to your sister and parents.  The laws of intestacy will come into play, effectively these laws will dictate who gets your estate.

The problem with this is it could take quite a while to sort this out and may drag on a while.  

I think it's always worth leaving instructions as you can be fairly sure that the people you want to receive specific items receive them (unless someone tries to contest the will).

As for your particular case Ralphy I'd imagine that the Royal Mail operate a occupational pension scheme that would include Death in Service, so if you should die your nominated beneficiaries (you probably would have done this when you joined the scheme) will receive somewhere in the region of 3 to 4 times your salary.

As for Sussex's life assurance adviser I'd sack him and get someone else.  A Critical Illness policy that does not pay out due to a "serious" cancer???  That would get crucified by the press, not sure if he's got his facts straight there mate.  Would at least be worth a second opinion.

Also if covering a capital repayment mortgage, it may be worth swapping to a decreasing term assurance plan as they are cheaper than the level protection products.

[janaage]

After a quick check Ralph in your situation through Intestacy your parents would take your estate, your sister would get nowt.  Of course should by the time you pass away your estate is worth more than the nil rate band, the treasury will have a bit of your estate via Inheritance Tax.

[Sippo]

End of the day, its better to be protected than not.

[janaage]

Indeed and whilst life assurance may not be something you need if your young free and single, critical illness or income protection plans would defo be worthwhile.

If you have a mortgage, or rent to pay and you cannot work due to illness or because you're in hospital trying to recover from cancer, it'd be nice to know you're continuing to recieve your normal income or your mortgage has just been paid off.

[Ralphy]

After a quick check Ralph in your situation through Intestacy your parents would take your estate, your sister would get nowt.  Of course should by the time you pass away your estate is worth more than the nil rate band, the treasury will have a bit of your estate via Inheritance Tax.

Cheers mate for checking.

I think i'm gonna sort something out this year, just haven't got round to it.

[Samdy Gray]

After a quick check Ralph in your situation through Intestacy your parents would take your estate, your sister would get nowt.  Of course should by the time you pass away your estate is worth more than the nil rate band, the treasury will have a bit of your estate via Inheritance Tax.

You had to look it up? You should have remembered it from your FPC :nono:

[janaage]

I couldnt remember the order Sammo  

But it's CF1,2,3,4,5 nowadays, FPC is old skool!!

[Sussex]

Jan, we've been led to believe that certain things (and the list is apparently growing) are not now being covered by critical illness, as I said I'll have to look into it.

After checking the plan conditions about what is covered by CI, I think I maybe wrong about the cancer thing as it says: Cancer - excluding less advanced cases.

Eh.  :?

I'm off for a fag.

[janaage]

Yeah whereas years ago you could get a "cancer" get it cleared up very quickly and the CI plan would pay out, nowadays companies only pay for "serious" cases of cancer, that's where it's important to check the policy t's & c's.

Same with heart attacks, some mild heart attacks would not mean a pay out, more serious attacks would.  It's there to protect people who are seriously affected by the condition they have suffered.

[flammableBen]

Can I do reverse Life assurance? So that I pay like £50 a month and everyday I don't die they pay out?

[Sussex]

I might just plump for a coma, seems much more straightforward.

[flammableBen]

Coma does seem quite relaxing.

[blinkpip]

I do a life insurance, £5 a month. But I live at home and stuff.  It's more for, that if I die, the funeral bill and stuff wont be left for my family to pay.

[Gazza's Fat Mate]

I've got a will mainly deals with how I want to be disposed off. Bascily involes me being cermated. Then all my mates etc travelling to a certain beach in wales which is where my mums ashes are scattered,  having a beach party before my ash's are put into the sea to be back with my mum. the rest is all bullshit about my easte and where it should go etc