How much life insurance should we buy?

[stayathomegardener]

DH needs to renew his life insurance/critical illness policy.

He is 62. Dd is 20 and I'm 50.
Basically the main house is paid off, we have a mortgage of £60,000 on a £250,000 buy to let.

Usual day to day living costs and minimal savings.

How much should the above policies be?
Currently both due to pay out £100,000.
I actually have NO idea what would be a reasonable amount and need to renegotiate whilst dodging the up sellers.

You are 50. Your DD is independent or should be quite soon so it is you who I would focus on. How much do you need to have a reasonable life if he died next week? You may live another 40+ years... do you have pension provision?

I would include the mortgage amount as you don't want to sell the property immediately but keep in mind that you may downsize at some point.

10-12 times salary perhaps. Try to work out what sort of figure is reasonable given the circumstances. 300k may well be sufficient depending on your income.

You probably don’t need that much given the circs (mortgage paid off, adult child). I’d maybe have the btl mortgage covered as that would give you continuing income. How much does he earn over and above you? And when was he planning to retire? What would you get from any pensions and could you live off it?

Critical illness will be super expensive at 62. I’m not sure I’d bother.