LIfe Insurance - how much to go for?

[RolyPolierThanThou]

DP and I are think getting life insurance is something we really need to sort out this year. We have two dc and one on the way.

We're fortunate enough to have paid off the mortgage so housing costs are only repairs and maintenance plus council tax. We have a household income of 22k but can live on less than that (indeed, have done. My employer pays only statutory minimum maternity pay and I'm about to start my third).

so what would be a proper, realistic figure to insure for? DP is a SAHD so I wouldn't want him to be be under enormous pressure to go out and find work immediately on bereavement and I work full time and would not be able to afford childcare on my salary (not even for two, never mind three). We need to be able to cover those costs for each other.

Are we looking at a lump sum of a year's salary? More than that? What do you think?

I would go for as much as you can reasonably afford, one year's salary is OK, but what would you (or DP) do after that? Many employers provide 4x salary was benefit, which would give more breathing space. I think DH's £150k cover costs about 13.50 a month - you can look on comparison sites to see what you can afford.

Do you have critical illness cover too? I think you probably need at least 3 years income.