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Can someone please talk to me about life insurrance ! assurrance ? level trem/decreasing eeek

(2 Posts)
Timetochange70 Tue 25-Oct-11 14:49:51

I just want 2 policies one for me and one for dp = separate.
I`d like arounf 300, 000 paid out if either of us die so the mortgage is paid and the surviving partner could stay home for a year or so .
We have pension ins that would also pay out and work but with 4 x dc my best friend would honestly need a million to look after my 4 DC !

What do i need - its talking all sorts of legal language when i go on the websites and i cant get my head around it.
Any advice welcome.
we`ve about 15 years left on mortgage btw-80,000

CogitoErgoSometimes Tue 25-Oct-11 18:36:11

You can take out one policy that covers both of you quite easily. If you want the mortgage to be paid off for the surviving partner then you need mortgage protection insurance. You can either cover the balance... an amount that will decrease over time from the £80k today... or you can cover a fixed amount such as £300k for the life of the mortgage. If you have 'death in service' insurance that pays a mutliple of your final salary that's valuable. If you want cover that extends beyond the 15 years of the mortgage you can take out straight life insurance.

Finally, if you're thinking about mortality smile you'll be needing a will if you haven't got one already. Getting the money side covered is important but you also need to think about things like guardians for the children, trustees for any inheritance etc.

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