If my husband doesn't die in the next four years, I will be destitute.

OmaforMaya The meaning of 'life' in Life Assurance means on a life, not necessarily for a lifetime.

So when our DC were at private school, we both had assurances in our lives for the duration of time we would be paying school fees so that if either of us died the children's school fees could still be paid. Most people have assurance on their lives for the duration of mortgage, again, so that if they die the mortgage will be paid off and the family will be able to stay in their existing home.

I think most life assurances are just such 'term' insurances.
I can only assume that when bobdoesit's DH took out this assurance, he assumed he would be dead by the time he was 80, or possibly that the premiums would be too high to take it to an older age. To make it a true life policy would mean effectively taking out a savings product backed up by assurance that would pay in the balance of premiums, if this gentleman died before he was 80. He possibly could not afford that.

Either way, assuming that he took proper advice before going down this road, I can only say that he was badly advised.

I have been unwell for a few days so unable to keep up to date on this thread.

However, in answer to Bobdoesit “Chucky how could you possibly think I want him to die?”
Just quoting you from your original post.......
“It’s awful to hope he dies in the next four years”

You are quite correct FlexibleFriend it's a 25 year fixed term insurance.

It sounds as if you have term insurance as do I, taken out originally to cover the mortgage if I popped my clogs early. I paid the mortgage off early and kept the life insurance going as it's relatively cheap and I can afford it. My term ends when I'm 67 after that I'll have no cover, if I go prior to that so within the next couple of years my kids will get 250k plus the house, after that it'll be just the house which is a lot more than I ever got when my parents died. I'm ok financially have 2 private pensions and will get my state pension at 66 and manage to save quite well currently so have no need for a funeral plan and wouldn't have one on principle. If I'm ok now things will improve once I get my state pension. So thanks Dad for drilling it in my head to never put myself in a situation where I was financially reliant on anybody else, You taught me well.

Go away carlos and stop advertising.

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Gillybob I’m so sorry you are in a similar situation to me. No luck finding any insurance as yet but if I do I will share the info to Gransnet.

Lona I’m glad you are healthy, but it’s a scary situation.

Luckygirl humptydumpty Claudiaclaws and several others thank you for mentioning equity release/lifetime/ retirement/mortgages

EllanVannin Nannan2 I hadn’t thought about supported housing because I didn’t think it was possible as we have a property, but it obviously is and well worth considering. Thank you.

callgirl1 Neither of us has a works pension.

CarlyD7 I’m older than him but only by six weeks. Head in the sand sums him up. Thank you for your very sensible and helpful reply.

annsixty I did mean state pension thank you for clearing that up.

MadeInYorkshire just thank you for your very helpful reply.

Thank you to everyone who mentioned Age U.K and Citizens Advice and getting a lodger. I’m going to look into all the suggestions. I feel so much more positive today.
I wish I could reply individually to you all.

For all those who think I’m wishing my husband dead – you could not be more wrong! We met when we were 17, married at 21 and are still together in our 70’s. It was fear that made me ask the question – fear of losing him, fear of being on my own, and fear of trying to cope with moving house without him. Once I’ve gathered together all the information I’m going to sit down with him and try to talk it all through without falling out. My husband tends to think I’m criticising him if I try to ‘take control’ of our financial situation. I’m glad I asked the question on here even with the negative comments. Maybe some of you who are in a better position than others need to think a little more before you jump in with unkind comments.

A few of you have suggested I’m lying (too strong a word but I can’t think of a better one) about the insurance. Once I’ve spoken to my husband, I hope to provide more details. I may have got it wrong, but I’ve asked him twice, and he assures me it ends in four years with no payout at the end.

Chucky how could you possibly think I want him to die? If anyone has to die, I sincerely hope it’s me – purely for selfish reasons as I’m petrified of being without him. There you can have a go at me for that now!

Merlotgran please don’t ‘sod off’ you have to stand up to the bullies. It’s difficult, and I’ve shed a few tears reading some of the replies on here. Some because I’m feeling sorry for myself but more because I feel so, so sorry for those in a darker place than me.

By the way trisher I’m glad you are managing, and I sincerely hope that either my husband or I (depending on who is left) also manage and that is what I’m trying to sort out.

Hmmmm .....

Bobdoesit, why waste time worrying about the future and what may (or may not) happen?

By all means see the CAB to find out what you may have to live on - then just forget it and get the most from today!

Insurance is usually a rip off as that's how it works (the majority lose out). OK, you may have to move, but you won't ever starve, so get on with living!

Our LI was for a fixed term, supposed to cover the remaining mortgage should one of us die . The insured amount decreased over the years to take into account the supposed decreasing mortgage. Unfortunately we were forced to increase /extend our mortgage but the insurance company would not increase /extend the cover due to mine and my DH’s health . We now find ourselves at 57 and 67 without life insurance of any kind.

There comes a time when you need to have a good, realistic view at your financial situation. My husband died 6 months ago, and I assumed he was looking after our finances. What a shock! He had debts on credit cards I never knew about and never seemed to have a worry in the world. My daughter said to me yesterday "Dad was slowly sending you broke". Everyone please make sure you know where money is being spent and exactly what your commitments are. I will be OK but it has caused a lot of angst sorting things out. I will need to manage my finances carefully but I do have a roof over my head.

Omaformayo, some policies are for life, but others have terms set eg till a certain age, or for so many years.

Why are you juggling money and giving yourself worry if you won't be there to spend it?
Your AC are capable of working, are they not, so why give them hundreds of thousands of pounds you've worked for?
Other than that, ask them to fork out for the premiums.

I'm confused! Isn't Life Insurance a protection until the end if life??

Take some equity out of your house.

Thank you to everyone for the replies I'm sorry I've not responded to individual questions but I will do so in a couple of days. Ill health (not mine) has taken me away from home but I should be back on Friday.

Cash ISA’s are really poor investments at the moment.The first £1000 of interest is tax free anyway and rates are abominable.
Four years is a long investment for people of a certain age.

If he should die in the next 4 years guess who would be the number one suspect? Joking apart can you not take equity out on the house which would enable you to remain living there? If there's only one of you then you pay reduced Council tax, and also you could let a room for over £7,000 a year without incurring income tax. You may be entitled to some of your husbands pension as a widow depending on what type it is.These are all things to consider. Maybe you should get some independent advice from Citizens Advice or Age UK which would not cost you anything but give you some idea of all the options available.
Worse case scenario you can always downsize in the event of your husband's demise but he could be with you for a good few more years. Also have you thought about investing in a cash ISA which is free of tax and would mature in about 4 years, when you can either take it out or renew for another 4 years?

Sorry gilly yes that is the case and also sorry to the poster I replied to.
I have now read back and she isn’t yet getting her state pension.
When she does I hope she can then get a decent pension on his contributions, I did not have my own state pension, it is SOO complicated.

I agree with other posters about seeking advice as a first step. There may be some benefits available that Bobdoesit is not aware of currently. I have Funeral plans in place (although I already had Life Insurance, as I worked for an Insurance company). Age UK has helped us in the past in getting P.I.P for my husband, and they do not charge for their services. I can thoroughly recommend them. All kinds of help is available, from befriending services to home handyman help with small repairs or DIY needs.

I think the law has changed recently and you can only inherit a spouses pension if you are of pension age yourself annsixty I remember reading this and thinking how it would affect those with age gaps .

By the way, MawB, we were those who lost pensions through the Equitable Life scandal.

As they say AlltheLs - tell me about it ?

Why take out a policy . Just tell him to put the money away each week ,.Im not paying into any funeral plan . Why should someone else hold the money ,. Move while there are still two of you and make some memories in the new house .

My husband and I never had life insurances. He believed that insurance companies were money making organisations. I have had house insurance for sixty five years and never claimed.
When he head to stop work at the age of 57 because of deafness we sold our property in Hampshire and bought a small bungalow in Norfolk and invested the proceeds. Interest rates were high forty years ago and enough to live simply on. we let the bungalow and travelled Europe by caravan until he died ten years later. I was able to pay for his simple funeral and came back to the bungalow. I had never worked but inherited his State pension.
Interest rates fell and when I had less than £1,000 pounds was able to get Pension guarantee credit. This meant I didn’t have to pay Council tax.
When I contracted osteoarthritis in both knees I contacted social services who for a small cost put handles on doors, provided bathroom aids etc.
When my mobility got so bad I found it difficult to housework I applied for mobility allowance and was granted the lower rate enabling my to employ someone.
At the age of 96 my funeral will soon be a question. I still have enough to pay for that but my son tell me to spend the money because he has more than enough to be able to afford it.
Apparently hundreds of thousands of people fail to apply for available benefits. They say they are too proud. My husband served seven years in the army being wounded which caused his poor health and I served four years in the WAAF and when we were demobbed were homeless so I think this country owed us something.

I’m in that sort of situation. All my husband’s life insurances ended when he turned 60, poor health meant he could not get reinsured. He died in February age 67. His meagre private pension terminated on his death. I get 25% council tax reduction and council tax benefit but if I work any extra hours the benefit stops. In fact my council tax went from £52 a month to £113 all because I worked 3 extra days! According to their calculations I only need £72 a week to live on! Fortunately I have no mortgage and good health so still working but not sure what will happen when I have to stop work. All my friends are enjoying their retirement while I’m working harder than I have in years!