Life insurance - how much you all got?

[northernladuk]

Decreasing live cover or what ever it's called just to cover the mortgage in the event the worst happens. Enough else where for the family to be comfortable so only really need to make sure they've a roof over their heads.

[ravenshaw]

[d000hg]

Kind of stupid question really, you are dead, so what is it for? That will determine how much you need to cover and how much you need?

From - just enough to cover a funeral
To - Enough that all my dependents become millionaires

Even if one takes the view you don't care what happens to everyone else when you're dead, it will make your spouse feel a bit more secure while you're alive. Happy wife, happy life.

[_V_]

Even if one takes the view you don't care what happens to everyone else when you're dead, it will make your spouse feel a bit more secure while you're alive. Happy wife, happy life.

Well yeah, that's why I was pointing out it's the same poster posting yet more moronic stuff.

How much life insurance?

Well it depends. Valid amounts are probably in the range of £10K (funeral) to £10M (you have expensive dependents and lifestyle)

[AtW]

£10M (you have expensive dependents and lifestyle)

And how much premium would you be paying for that, well in excess of £100k per year?

[vwdan]

£500k index linked til I'm 70. Costs about £35 a month I think, so a fair bit of piece of mind.

Can't remember the exact calculation, but I essentially tried to make it so that if I drop dead, the mortgage gets paid and wife doesn't need to work til our little one is much older, while also providing a reasonable standard of life.

Currently that works out to be ~£27k per year (after tax, so equiv to earning £35k). Which, with no mortgage (and she could even downsize) doesn't seem unreasonable. She's ****ed when he's 18 though! But, you get the idea - I felt that was a fair balance and obviously it works out better as time goes on.

At some point I'll stop the index linking, but you can't put it back again after - so probably something I'll do when they're in secondary school and I'm satisfied the cash will go a long way

My wife is covered for £250,000 which, really, was more to cover off the idea of us both copping it and ensuring the little one is truly set up.