To have no idea what kind of life insurance I need...

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It's so bloody confusing and I'm going round in circles.

I know I need it to pay out should me or MrHeadsDown die/get sick unexpectedly so we can cover daily expenses and continue to pay off the mortgage but what type do I need, which companies are better and which should be avoided?

Which is better level term or decreasing term? What amount of cover do I need and is critical illness a necessity or just a nice add on? Why do I feel like this should have been discussed with me at some point in my life so I didn't feel like a failure of a grown up when trying to work it all out?

Can anyone offer any help, tips or support please I need to sort it out today.

Have you tried Which?

Moneysavingexpert is usually a good place for comprehensive articles on how to sort out anything moneywise, including whether you actually need it in the first place, ie if you don't have DC, have life insurance with a work pension, or could afford mortgage and bills on your own, you don't need it.

We have always had life insurance. When we were both working we just had enough to cover the mortgage so if one of us died the other could own the house outright and just use their salary for living expenses. As we moved house and got bigger mortgages we took out more policies to cover the extra debt. When we had DC’s and I stopped work we still had the mortgage policies and then extra ones so that if DH died I would have money to support me and DCs and if I died DH would have money to either stop work himself or to cover the costs of paid childcare and help in the house. These were in addition to the life insurance that is part of DHs private pension. At our peak we had about 7 different policies. They were all taken out for a 25 year term but at different times.

Now we are older, we no longer have a mortgage, we have savings and pensions for our old age and DC are financially independent so I don’t think we don’t need life insurance any more. We have one policy left for 200k that has about 3 years to run and when that expires I won’t be taking any more out

Contact a mortgage broker. The company I work for will ask your situation and then offer you a variety of ways to cover yourself with the relevant premiums, you can then select which suits your needs and budget.

Didn't they discuss this with you when you got your mortgage? I would say critical illness is a necessity.

The vast majority of people don’t take out critical illness because it’s very expensive. However if you are worried, do it. Most people I know would just have dealt with it as best they could. Probably not good planning!

Decreasing term life insurance - it’ll pay off your mortgage balance if you die.

I consider critical illness to be a necessity unless you are a couple who can afford to live/pay the mortgage on one salary. I am the “breadwinner” in our house as DH is in a poorly paid job with little potential to earn more. It gives us peace of mind if I ever become too ill to work. Obviously it only covers a list of certain conditions.

I pay about £60 a month for both, with Legal & General. Aviva are good as well. You can get advice from a broker, though bear in mind they earn commission and may try to sell you one with expensive extras. Maybe get a quote from somewhere like Go Compare to get an idea

It definitely depends on how you'd cope in the event of critical illness. Do you have lots of close family who could pitch in? Savings to fall back on etc?

Didn't they discuss this with you when you got your mortgage?

Honestly no they didn't even mention it.

Thank you for the advice so far. Savings wise we are moderately comfortable but the money wouldn't last too long should one of us not be able to work. I'm wary of using a broker as I have heard they will try to steer you towards certain companies.

I'm thinking critical life might be useful but am sure how much realistically money wise we need to be insured for? Our mortgage and outgoings are not ginormous so £250k + as some places seem to suggest seems excessive.

Bubbles....Most people I know would just have dealt with it as best they could.

As in potentially lose their house and be in dire straights you mean? So glad we took out critical illness when my dh became critically ill. He can't work again, and I can't retire yet. It might be a cost monthly, but it's peace of mind.