Please talk to me about life insurance

[twankie]

I am 48 this year with 2 young kids and a dh (who does have life insurance). I need to think about getting life insurance but am totally confused about how to go about it in a sensible way. has anyone any advice? Am I going to have to pay a huge monthly cost because of my age? Would it be better to put the money into a savings a/c for my dds for uni fees or whatever instead? (they are 6 and 10) Does anyone know any decent companies that aren't going to screw me? I work p/time 6 months of a year..am under the personal tax allowance.

The sobering statistic is nearly one child in 20 loses a parent before they've finished full time education so well done for considering this. I would recommend reading this which gives some good clear checklist
for life assurance

Think about exactly what you want to provide for first. If there are two of you, there is a slim chance you'd both go at the same time... in which case DH's insurance would be adequate. If he goes first, you're also covered. If you died first, what would be (without sounding heartless) the cost of replacing you? It could be, for example, that if you insured your life against the remaining mortgage balance, that would be enough for your family to carry on without you. If you were the main wage-earner, you might decide that the cover has to be more generous. I'm 46 and covering a £70k mortgage balance costs me £8.40/month.

If you took out a similar policy, you could put any spare money aside in trust funds for your DC to have age 18 and spend on further education, a house deposit or whatever. That's what I do.

Should add... if you're contemplating mortality, now's a good time to make sure wills are up to date, executors and guardians nominated, trustees appointed to look after the children's cash until age 21 etc.

thanks very much..will have to sit down and think hard about this.