Boooorrrring AND morbid....BUT how much life insurance?

[FillyjonktheFluffy]

Two kids, oldest is 3 youngest 1.

I'm bloody clueless about such things but want to do it before my scary big birthday next week while its cheaper.

Ideally dh would be able to go part time and employ a nanny to take up the slack.

Thoughts?

enough to pay off the mortgage in its entirety but we took out level term (ie its set at the amount of our mortgage when we took it out and doesn't go down) .. so if one of us dies in 20 years and we have a mortgage of about 5K outstanding we'll start get the 180K it was)

if I die, DH can pay off mortgage and put the amount he was paying monthly into childcare

if DH dies I get to pay off the mortgage plus I get 3 x DH's salary and a widow's pension of 1/3 his salary for life (his work benefits)

hth

Ah, interesting

I actually get a very generous amount in the event of dh's death.

In the event of my death, at present, dh gets whatever is down the back of the sofa.

according to martin's money tips it needs to be...

ten times the working partner's income

at least

feck.

Annual income? Blimey - that's a lot. We don't have that much!

And thats each btw

feck, i can't afford this.

I'll just have to empty my pockets down the sofa every night.

10 times - that's a bit steep IMHO surely it depends on your financial circumstances