We both have it. DH's is significantly higher than mine for obvious reasons - to pay out any debt we may have and to also provide an annuity for myself and the kids to live off for a few years and enough to cover education costs until I am able to re-enter the workforce. Mine is based on the amount it would cost for Dh to pay for childcare/nanny and a cleaner so that he can continue working.
Mrs Hendo, it really doesn't cost a lot. I think mine is under $10 per month - don't know what DH's is. The premiums are based on the amount you are insured for as well as other factors - some take into account your health as well and you may pay a little bit more because of that, but not so much that it is unaffordable. We have ours set up as a direct debit and we don't even notice the amount is missing. Like they say on the infomercials, "Its not much for peace of mind"
Check your Super policy - chances are you have at least some form of cover there, and if you increase the insured amount the premiums are generally much less (and they can come out of your super so you don't need to cover that amount each month).
I have a policy attached with my super as well, but it is a policy that gets less as you get older, so the amount you get as a 25yo if you die is significantly more than if you died closer to retiring age, so that is something you would have to look into if your super fund has a life insurance policy attached. Plus the fees for that fund also come out of your super itself as far as I'm aware.
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