Do you have life insurance?

[mzcatieboo]

DH has it, i dont yet. we covered for 500 thousand. will cover our debts and leave alot for me and DS. once we get our house i will be getting the same cover as DH but no work cover as im a SAHM

[ladybird11]

We get it automatically in our jobs being high risk etc. And it pays out regardless whether we are on or off duty at the time.

[lizh]

Through my superannuation company I have TDP/death and income protection which is really cheap. I do need to get trauma insurance though.

[Mother Goose]

I have it - have had since I was born. I will never let it go. DH refuses to get it for himself citing that he is covered under super - he doesn't get that it wouldn't be much of a help for DD or I. I keep trying to get him to get a seperate policy so I wouldn't have to worry about providing for DD.

[Emma1979]

mothergoose you can take out the policy on your DH, it doesn't have to be done by him....
to make it worthwhile you need a lot.... the odd $100,000 you get from super, sure that would help initially, but when you factor in the cost of living, mortgage repayments etc etc, by the amount of years your kids still have to go to be 'grown up', its a lot.... a huge amount....

that said we don't have it yet... tut tut... we also don't have wills.... when we get it i think i will be going for coverage of say $1mil.... or thereabouts... hopefully it is never needed... obviously.

[Megan]

We both have it. Around $400k, so enough to pay off all debts and afford to live for a while without an urgent need to go back to work. It's a montly direct debit, and we don't even notice it.

[Astrid]

We have life and trauma cover on me. About $250k. Not a huge amount, but it will clear all debt and leave some left over. It also gives about $50k in the case of some trauma (eg stroke) to help cover any bills. DH TPD and Life through his super, would prefer to have it seperate, but cannot afford it at this stage. Have to double check, but his life payout is about the same as mine. Unfortunately I am not covered for breast cancer, as my sister died from it. Silly as she was a half sister, so it could mean that I am not at greater risk at all if it came from her fathers side of the family. My premium is a bit exxy due to my weight and they do not take into account any of the health benefits I received due to breastfeeding.