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    rainbow road is offline look at the stars, look how they shine for you
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    Default How much life insurance cover?

    I'm sorting out life insurance policies for myself and DP at the moment but I'm a bit confused about how much cover to choose.

    DP is the primary earner and I will be a sahm come November. We have a small amount of HECS debt between us but no other debt, including no mortgage.

    I'd like to take out a policy for each of us but I'm not sure how much for each? How do you work it out.

    DP has cover through work for work related death but we need coverage otherwise as it's not a huge amount, and obviously doesn't cover any other circumstances.

    Thanks in advance!

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    I am a single mum and the father has nothing to do with them....
    I thought if I died.. my children would be with my mum... she has a rental so id want a house bought for my children to grow up in for stability.... so 500000 for that and 500000 for as they grow up Little bits and pieces like their first car, christmas, birthday and litttle things like that and when they turn a certain age 25 the rest gets split between the two. Make sure you shop around insurer wise.... there are huge differences between what some charge compared to others.

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    Quote Originally Posted by missymoo9 View Post
    I am a single mum and the father has nothing to do with them....
    I thought if I died.. my children would be with my mum... she has a rental so id want a house bought for my children to grow up in for stability.... so 500000 for that and 500000 for as they grow up Little bits and pieces like their first car, christmas, birthday and litttle things like that and when they turn a certain age 25 the rest gets split between the two. Make sure you shop around insurer wise.... there are huge differences between what some charge compared to others.
    I based it on similar, although I did buy a house and had enough to pay out the homeloan and based the rest of it on how much it costs to raise a child through to adulthood and up to 25 years old to include first car and uni or further studies or travel, whatever they choose to use it for. I would hope a uni degree, but travel is also a very valuable learning experience. As a single mum, I felt it was even more necessary to set my child up for the future in the face of losing the one and only parent she has.

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    Im a young mum and still studying so not in the position to buy a house yet.

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    Even though I have good cover through work, I took out a seperate policy of $500k to ensure they receive the same quality of life I plan to provide (private school education, pay off mortgage for them to keep as investment etc)

    I'm a single mum too and although the boys would go to their dad if I die, he may not be able to afford the things I *want* to do for them as extras.

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    Thanks all. I think we will take out 750k for DP (it's a lot but hopefully it would mean a house could be bought, we currently rent), and 250k for myself, both include funeral plan and terminal illness cover.

    I just don't want us to be stuck and if we can afford the $50 a month to cover us both and know that the family will be looked after then it's absolutely worth it, especially considering DPs job!!!

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    Sorry I just saw this.. How do you shop around?

    My partner has upto million through his work and then 500k in his super if he passes only if it happens on the job though!) where do I even begin to look!!


    Fat fingers typed this

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    Jump on google and look up life insurance companies, most of them will have an "online quote" fill in a few details and itll give you a monthly or yearly price... there are alot of companies and prices vary dramatically so try a few different ones. Find one that suits your needs and affordability. Also read the pds as there are some little "hidden" obstacles with some companies.

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    I went with funeral cover rather than life insurance. For myself . DP ,DD & DS is $40 fortnight for maximum cover $15k & $30k if accidental death


 

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