Life Insurance

[Jax Tellers Old Lady]

would love some advice on life insurance like who is the best one to go through and also would like to know what everyone else has insured themselves for and what are the monthly payments. Any advice would be great. I have a 9 month old son and would hate to think that if i died he wouldnt be able to survive.

[LittleBoysRock]

I am interested in this too. My DS is 9 months old. I called an insurance agency yesterday for information and somebody is calling me back. I really have no idea though.

Any advice ladies??

[leenaomi]

Hi girls,

My DH and I are insured by Comminsure (Commonwealth Bank) but we went through a broker at Professional Investment Services in Brisbane to organise it.

DH has life insurance, trauma insurance and income protection and I just have life insurance and trauma insurance because I'm a SAHM so don't have an income to protect! DH's life insurance is for $557,360, trauma is for $200,000 and income protection is $2375.00 per month. My life insurance is for $558,360 and trauma is for $200,000. This means that we would get paid out those amounts in the event of death, being permanently disabled or unable to work respectively.

The broker worked out the pay-out amounts on how much we'd need to pay off our mortgage and how much we'd need to live on for certain length of time (I forget what that time was) if one or both of us died or couldn't work.

The monthly payments were $115.84 for DH and $52.63 for me but we opted to pay yearly as it's cheaper: $620.00 for me and I think around $1000.00 for DH - we haven't got the renewal yet.

We almost decided to let it go because we couldn't afford the $1600.00 or so at the moment, but I couldn't bring myself to cancel it so we borrowed the money from my mum.

It's one of those things that you hope you'll never need and probably won't, but who knows what's around the corner. Especially with a toddler and a mortgage, I feel safer knowing that we're looked after if the unthinkable should happen (I'm touching wood as I write this!).

Hope that helps but ask me any questions and I'd be glad to try and answer!

Naomi (33)
Lee (33)
Elizabeth (19 months)