I've looked into this a bit and have been trying to work out the best policies for myself and DH, I'd really love some feedback and advice before I go ahead and actually take out a policy.
Our situation
- Married with 2 children aged 2.8 and 6 months. DH is 30, I'm 29.
- Private renters with realistically no hope of getting a mortgage before 5 years, probably not even within 10.
- DH has high blood pressure and takes meds for it, no other known conditions, 'social smoker'
- I'm diagnosed with depression, this has been long-term, on ADs and getting short term CBT, non-smoker.
- DH earns £28k/year but has a lot more earning potential, I was earning around £6k but will really have to cut back my hours once ML is finished and it wil probably be more around £2k. We also have a few business ideas we're in the planning stages for at the moment.
I'm thinking a level term policy fixed for a 5 year period with guaranteed premiums would probably be best. I'd like the chance to review our policy after the 5 years and perhaps take out a more suitable one if our circumstances have changed at the end of it. We'll also be taking out separate policies rather than a joint policy.
Would a price comparison site be the best place to find a policy? Mostly I'm concerned about our conditions and how to let the insurer know of these if it was all done online.
I'm also not really sure how much we should be covering ourselves for, but was thinking perhaps £150k as it would be 5 years worth of DH's salary (and would mean the youngest would get through to school). But advice about how much would be appreciated, alongside anything else you think I've missed or things to look out for in the T&C.
We've been meaning to get insurance for months so ideally I'd like to have taken out policies by the end of next week - though obviously won't go ahead if still not ready!
Thankyou for getting this far anyway.