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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04-07-2013 08:26 #1
How much life insurance cover?
04-07-2013 08:51 #2
04-07-2013 08:53 #3
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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04-07-2013 11:02 #4
04-07-2013 12:42 #5
Im a young mum and still studying so not in the position to buy a house yet.
04-07-2013 16:59 #6
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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rainbow road (04-07-2013)
04-07-2013 17:33 #7
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!!!
15-07-2013 22:53 #8
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
15-07-2013 23:04 #9
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.
16-07-2013 20:20 #10
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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