£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.
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Reply to: Life insurance - how much you all got?
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Previously on "Life insurance - how much you all got?"
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Originally posted by d000hg View Post
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.
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)
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Originally posted by _V_ View Post
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
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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.
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Originally posted by psychocandy View PostMines running out soon.....
Not cheap as you get older. Since pretty much none of us get death in service benefits wondered how much you all pay for?
From - just enough to cover a funeral
To - Enough that all my dependents become millionaires
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Originally posted by psychocandy View PostMines running out soon.....
Not cheap as you get older. Since pretty much none of us get death in service benefits wondered how much you all pay for?
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Originally posted by ShandyDrinker View Post750k. Wanted to ensure that as haven't hit 50 yet, there would be enough to easily pay off the mortgage and leave enough for the other half to be comfortable. With one kid still at school, seems pretty responsible... on the other hand, I have little doubt some might say it's a mad amount.
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Originally posted by ShandyDrinker View Post750k. Wanted to ensure that as haven't hit 50 yet, there would be enough to easily pay off the mortgage and leave enough for the other half to be comfortable. With one kid still at school, seems pretty responsible... on the other hand, I have little doubt some might say it's a mad amount.
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750k. Wanted to ensure that as haven't hit 50 yet, there would be enough to easily pay off the mortgage and leave enough for the other half to be comfortable. With one kid still at school, seems pretty responsible... on the other hand, I have little doubt some might say it's a mad amount.
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It's running out because you didn't expect to live this long when you got it?
IIRC I've got either 300k or 500k on a policy under my Ltd.
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