# Widow, No Dependants. Do I need life insurance?



## tonora (15 May 2008)

My husband died 2 years ago.We have no children. 
I am in my late 40's in full time employment. 
My husbands finances have now been sorted so that I was able  to pay off our mortgage and have approx €60k in spare cash.
I would appreciate  any advice on the following
a) Have I any need for life insurance?
b) What best to do with the spare €60K?

Thanks as always for such a helpful forum


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## ClubMan (15 May 2008)

tonora said:


> a) Have I any need for life insurance?


Almost certainly not.


> b) What best to do with the spare €60K?


You would need to post more info about your overall situation - e.g. what do you want from this €60K, what is your attitude to risk/volatility, are you generally healthy, do you have any other savings/investments, are you working, do you have a pension, when do you plan to retire etc. If in doubt get professional advice from a good multi-agency intermediary or authorised advisor. Ideally on a fixed agreed fee paying basis with a clear view of what you expect from such a consultation.


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## tonora (16 May 2008)

I am generally healthy in  full time public service employment. Not sure what the future holds so have not sure when I would retire.
I think I could be reasonably open to taking a risk withsome or all of 60K.
Will talk to a financial advisor but appreciate any other advice.
Thanks


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## ClubMan (16 May 2008)

tonora said:


> I am generally healthy in  full time public service employment.


So your job is pretty much (practically 100%?) secure so no worries on that front?


> Not sure what the future holds so have not sure when I would retire.


Do you have a pension through the job? Is there any scope or need for supplementing this with additional pension investments?


> I think I could be reasonably open to taking a risk withsome or all of 60K.
> Will talk to a financial advisor but appreciate any other advice.
> Thanks


Before you do, do have a read of the key posts in this forum and the summary booklets at www.itsyourmoney.ie if only to prepare yourself for asking the right sorts of questions.


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## mickman (16 May 2008)

first of all im sorry to hear about your husband passing away.

secondly 60k is a nice sum of money. i would invest 40k in a rabodirect fund and contribute some money every month to it, in 15 years time when you retire it will be a lovely lump sum along with your pension to enjoy your retirement. you deserve it!


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## ClubMan (16 May 2008)

mickman said:


> i would invest 40k in a rabodirect fund


There are similar investment products on offer with much lower charges.


> and contribute some money every month to it, in 15 years time when you retire it will be a lovely lump sum along with your pension to enjoy your retirement. you deserve it!


If the priority is to save for retirement (and it's not clear that this is necessarily the case here) then one should look at maximising the tax exempt options first.


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## mickman (16 May 2008)

clubman - name a similar investment product that hs lower charges


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## ClubMan (16 May 2008)

mickman said:


> clubman - name a similar investment product that hs lower charges


There are lots of unit linked funds that charge no fees (in particular entry/exit fees) and only an annual management fee of c. 1% on offer either directly or via discount execution only brokers. There are many existing threads on these which you can browse/search for. Admittedly most probably won't offer precisely the same wide range of funds and the online management/trading platform that _Rabo _offer so those that need these may be willing to pay higher charges for the privilege.


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## mickman (16 May 2008)

can you name one


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## mickman (16 May 2008)

a wide range of funds is kinda important dont you think


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## ClubMan (16 May 2008)

mickman said:


> can you name one


Try searching for the existing thread such as:

Lump Sum Investment Funds (Unit Linked, Execution Only)



mickman said:


> a wide range of funds is kinda important dont you think


Not necessarily. If a particular provider only offers a few funds but one or more of these match the specific needs of a particular investor and they have lower charges than another provider such as _Rabo _then that's what matters.

My main point here is don't assume that _Rabo _is the most appropriate option for this specific individual when there may be similar suitable offerings at lower cost elsewhere. If the original poster needs a unit linked fund (and we don't even know that for sure yet) then she should shop around and not just take a recommendation for a specific provider or set of funds at face value here.


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## tonora (18 May 2008)

Thanks Gentlemen for all your advice. 
Will  look at Rabo funds.
I bank with NIB so will see what they offer in the way of Danske funds.  
I have some AVCs so I think I have enough pension- just want capital growth for whatever......
What would you do?


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## alan.caulwel (18 May 2008)

permanent health insurance

income protection

serious illness protection 

my be of intrest.

providing replacement income in the event of you not being able to work.

this type of cover would possibly better suit your circumstances not having any dependants


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## z103 (19 May 2008)

> What would you do?


I'd enjoy at least some of it now.


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