Occupational Pensions Query

[tommos43]

I am in receipt of two occupational pensions from previous jobs.

I am 54 and about to start a job that doesn't provide pension cover.

If,god forbid, I was to die in the next few weeks or whenever would either of my pensions pay a lump sum of any sort to allow my wife to clear my half of the mortgage?

Will I need to take out life assurance to cover this eventuality or possible a private pension?

Any help greatly appreciated.

[rds60h]

If you are already taking the pensions then it is unlikely to have any life cover. If you have requested it then the pensions should have a widow's pension element which will pay between 33% to 50% of the original payment.
Do you not have life cover to cover the mortgage ? As most mortgage providers insist you have something to cover the outstanding balance.
If you do do have this cover then it would be in your interest to take out seperate life assurance (if you can afford it !). Please note that many of the over 50's policies will not pay out until they have been in force for 2 or 3 years so be aware.

[tommos43]

Thanks rds for that.

I was employed by the NHS who have a good death in service policy.
Moving on now to pastures new so that's out of the equation.
Can't believe how expensive bog standard life assurance is though!
In good health at the moment touch wood so will have to see what the new employer is offering.didn't ask at inteview. Oh my lawd!!

Thanks again