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Thread: Life Insurance??

  1. #1

    Join Date
    Jun 2009
    Location
    Victoria
    Posts
    116

    Default Life Insurance??

    Hi All, I am in the process of sorting out DH and my super. Through our super accounts we have around $100K of life insurance each. Talking to a friend recently I realised this isn't very much. So I have decided to increase the amount for both of us so that if something horrible was to happen at least who ever was left behind and the kids wouldn't have to worry about $$.

    So just wondering how much $ people have for life insurance??

    Thanks Jaf


  2. #2

    Join Date
    Dec 2005
    Location
    In Bankworld with Barbara
    Posts
    14,222

    Default

    Something we took into consideration for ours was if DH died, then the amount had to cover the cost of paying off any debts and then enough for me to live off until the kids were all old enough for me to go into full time work without needing them in care so his is just under $1m. Mine is a lot less and based on how much it would cost for Dh to employ someone to care for the kids while they are young and to do housekeeping etc so he can continue working and bringing in an income, so it's just under $300k.

  3. #3

    Join Date
    Jan 2009
    Location
    A Pirate Ship
    Posts
    3,627

    Default

    There was a thread similar to this the other day. Before I was pregnant we had enough life insurance & TPD to cover the debt of our house. When I got pg we increased it to over double so that the house could be paid off and we could live very comfortably if only one of us were around or our little one would be left with a great start in life. The amount you are covered for really should at the minimum cover all your debt IMO any extra is really to limit or eliminate financial stress.

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