How much life insurance do you have?

[Tryintohelp]

Hi, obviously also getting qualified advice, but am interested to know how much life insurance you have. We're just remortgaging and so looking at the protection again; dh is optimistic, happy-go-lucky and not keen on insurance, I am risk averse and pessimistic. Not a huge surprise then that I think we're under-insured and he thinks it's just right... As he has much the highest salary and we have 2 children our situation would be worse if something happened to him than if something happened to me.

To see what comparable families have, our situation is that we have 2 pre-schoolers. House worth about 500k, £150k left to pay. DH basic income about £75k, my part-time income, about £35k. Children at private nursery, might be private secondary, almost certainly need uni fees.

So how much life insurance do you have? Sorry for the nosy question but please give an idea of your circumstances to show if comparable or not.

We each have a policy that would pay off the mortgage and we each also have a policy for £500k.

How much do you pay for yr policies?

Me? The total (between the two of us, so for 4 separate policies) is £56.75 per month.

Anyone! But thanks. I may get my dh to get some, I think mine would be too expensive as I'm type2 and my mother died young.

The trick is to take it out as young as possible I think. DH's mother died in her 50s (of what is possibly a genetic illness) and it doesn't seem to have affected his policies.

DD is going to school this Sept, DS is almost 2, I'm a SAHM - re-training but am unlikely to earn for another 3 years. The house is worth 700k and our mortgage is 208k.

DH's usual salary is 85K basic (he has dropped his hours part-time to train until Nov, so salary is currently less). I earn approximately 10k per annum from my London rental property.

I would get 3 times his salary through his work Life assurance policy. We also have a joint private policy which pays out only one of either me or DH. It would simply cover our 208k mortgage and nothing more. The policy costs us £19 per month.

4 years salary, just enough to pay off the mortgage.

It's not enough and we need to buy a proper policy soon.

We have enough to pay the mortgage, private school and uni fees for both boys, and then some to maintain our lifestyle plus have someone live in till the children are both at secondary school. It's all rounded up to account for inflation.