What life insurance, etc do we need if we're not married?

[iwouldgoouttonight]

Need to get our finances sorted because I'm sure we don't have all the right cover in place. DP has life insurance so if he dies I get money (not sure if this is lump sum or monthly, need to check). I have a pension through work that will pay 3x my salary if I die, this won't cover all of the mortgage.

So I'm thinking we need:

• life cover each (does this need to just pay off the mortgage or should it cover our monthly salaries?)
• critical illness cover in case we're too ill to work for a while
• redundancy cover (I used to have this but the company went bust and I've not got round to finding a new one)
• pension (I have one through work, DP doesn't)

Anything else? We have wills.

Is it best to get everything as one package or do you have to get them all separately?

Neither of us could pay the mortgage on our own if the other couldn't work.

Any advice on where to start and what might be the most cost effective options? I'm clueless about these things.

talk to an expert, is the mortgage in joint names?

Yes the mortgage is in joint names.

If we speak to a financial advisor aren't we going to have to pay them or they'll only recommend their products?

Don't you already have life insurance with your mortgage, so that if one of you dies, the mortgage is paid off?

No we don't have life insurance with the mortgage, and as we're not getting any younger we need to get this sorted. Just wanted some advice on what else we need too. Would mortgage cover also include critical illness cover?

Look for mortgage protection with critical illness included.
If you want to buy it non-advised then you need to read up and know exactly what you want (ie limits/term/cover) as you won't be given any advice on this.

I personally would pay for a financial adviser firstly to sort out mortgage protection and secondly to plan for retirement etc. A professional FA will provide you with a written financial planning report which will help you to know and understand what you do and don't need. You can still use that advice to look for other products if you aren't happy with what they can offer you.

Talk to an IFA.
The fee you pay them will be worth it

OR
Take out a cheap fixed term policy for 10 years : each of you separately for around £300k each - should cost around £20 a month each
and then after 10 years look at a different policy as your circumstances will have changed

Have a look at Lifeassureonline. They are recommended by Moneysavingexpert (Martin Lewis) and Which as being good for advice and more complex matters and setting up life insurance in trust.