Insurance- How much should a family of 4 pay per month?. I've just gone eeek at our amount. Am I out of touch?

[Dinnertonight]

OK so excluding pension. Covering life insurance, critical illness household insurance (contents and buildings), how much roughly should I pay? I have just worked out I am currently paying 480 Per month... that is insane surely???? Just so you know we are not some millionaires we live in a 3 bed end of terrace 1930's house with a kitchen the size of a postage stamp. Its in SW London and we would need to cover the 400K mortgage we have on it if Dh or I died. I seem to have lots and lots of itty bitty insurance polices. maybe thats where we've gone wrong or is it that the world has gone mad and that amount is normal. DH is 47 and I am 44 2 x dc under 10. Advice, guidence, experience welcome thanks.

Well seems a lot!

We pay about £45 for life insurance for me and DH (no critical illness as too many exclusions)

House and contents insurance - £35

Mortgage protection - £28 of £60k mortgage - so equivalent to yours would be 5.5 times that - £150 say

Income protection - £30 for £1500 income per month

That al1 totals about £150 a month for us

We live in the NW and have a 3 bed house.

I would recommend finding an independent financial advisor to assess what you have - it may be you bought policies when rates were high and are covered more than once - have three different life insurance policies, etc.

It is dificult to say unless it is quantified out per item - but I reckon the size of the mortgage payments will be the key cost as you pay a price per £1000 for mortgages. you need Martyn Lewis of Money Saving Expert webiste to sort you out!

Thanks Andirobobo will look up the website

Sounds like a lot and there must be scope to consolidate with one company to bring the overall cost down. You don't mention travel insurance: if you go abroad, you should definitely add that on. You can get policies for as little as £25/year for Europe, less even, depending on what you need, whether you/others will be doing extreme sports, etc

www.fco.gov.uk/en/travel-and-living-abroad/staying-safe/travel-insurance/