Life Insurance

[Dazedandconfused28]

I appreciate this will be a personal decision, but I'm looking to take out additional life cover. My mortgage is already covered in the event of my death, but I'd like to get additional cover so my husband & son would receive a sum if I were to die.

My question is - how long should I get cover for? I was thinking up until 60? This would mean my pension should be reasonably hefty & the mortgage would (hopefully) be very small or gone entirely. I'm 35 now, & my son (and any other children we have) would be adult & less in need of a payout, but would still inherit our property. Can I ask what others have done?

Nowadays the approach is to cover your (your family’s) actual need which will require a thorough review of your income, expenditure and existing provisions.

Plucking figures out of thin air is no longer acceptable.

I sat down with a broker who looked at our finances in detail. We have a few different policies between us, but in terms of life insurance, we have policies to specifically cover the mortgage and the length of that, and then the other policies are until our youngest child turns 21. Our life cover is there to support the mortgage and child support if one of us (or both) were to die whilst still raising our children, or still paying a mortgage (the latter being later hence different policies). It is not there for inheritance. I suggest talking to a broker, especially to support in the health aspects of the application.

My insurer keeps badgering me to extend my cover to age 80! Don't I want to leave something for my family they say? My cover runs to age 67 at which point my youngest child will be 30 and hopefully self sufficient and DH will be drawing a good pension. Mortgage has just been paid off. Needless to say I am not extending my life insurance!

My Death in Service payment would cover our mortgage. I also have a £100k life assurance policy to age 60 with Legal and General. You may wish to consider if you need income protection insurance and/or critical illness cover.