family income protection

[Flowerspowers]

Please bear with me...

I have a 4 year old and a 3 month old. I am reviewing my life insurance and have decided to have two policies - one to cover my mortgage and one to give my partner enough money to cover childcare. I also have a pension which if cashed in would provide a nice fund for when they're older for education etc.

To cover childcare inflation linked family income protection seems to make the most sense to me. it could be sleep deprivation but I have what I think is a silly question... i have calculated what childcare would cost my partner now if he had to cover it all but should i cover myself to achieve the same monthly benefit for 12, 16 or 18 years or some other period?

Am I missing something - sleep perhaps and the brain cells that leave as a result... if you could help that would be great.

I meant family income benefit, not family income protection

At what age do you realistically think that your children will be financially independent? Maybe not until 23? Then that is the length of term you should select. Try to think beyond just the immediate costs of childcare. The costs of life cover increase with age and health, so if you are in good health now it will be more straightforward to get a longer term policy now and then shorten it if circumstances change. If your term is too short you may find it harder/more expensive to extend it in future.

You should also ensure that your partner has sufficient life insurance for you to be able to manage properly in case he dies.

What childcare do you need once they are teenagers - even if you had some, would be much cheaper than as little ones