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.
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.
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.
We have life insurance and both have a small one on our superfund. We took it out when we got a mortgage and increased it when the kids arrived. When I'm back at work we are going to look into income protection/disability/trauma cover too. The only thing I hate about our life insurance is it expires if I don't die before a certain age. I'm feeling abit pressured, LOL!! Is that a standard or just on ours?
We need to do our wills but we can't decide on guardians for our kids. DH wants one set of people I want another. It is so hard to pick who will raise our kids if the worse should happen.
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