Sadly one of my friends has been diagnosed with terminal cancer and it's really made me think about financial planning if either DP or I were to pass away. A horrible topic to discuss but I've realised over the last few weeks how important it is to sort it now.
We already have a decreasing life insurance policy on our mortgage which will clear the balance if one of us dies. We also have death in service payments through work but because mine is more generous and I earn a higher salary, DP would get double the amount on my death than I would get on his death.
Our DS is at a private school so we would want to ensure that his fees continued to be paid but obviously our monthly income would be reduced to one salary if one of us dies. Is anyone willing to share what they've put in place from a financial security perspective? I feel like I should speak to an IFA but it would be useful to know what others have considered first. Thanks in advance.