Life Insurance - did you guys get this sorted before baby?

[puppies]

I know its sounds like paranoya, but I read some where that its good to get your life insurance sorted out before baby arrives in case something happens so your family can be financially looked after.
I called heaps of companies and they are all much of a muchness. I ended up applying with St George as we have our mortgage with them and they gave me a discount. It took about 20 minutes on the phone. I will know in a week if they have approved my application. I hope so I would just feel so much better knowing that DH and bump will be financially be ok. I can't imagine loosing the love of my life and the house we shared cause I couldn't afford to continue paying it. Does anyone else feel the same way about this?

[Kitt3n]

I'd check if you have insurance through your super fund first. Chances are you already have it (if you are in an employer fund death cover as a minimum has to be offered to you by law).

If it isnt already set up its more than likely that your rates will be much cheaper through super than any "term life" product you might purchase. If you do go for a term life policy check if its yearly renewable term or 5 - yearly, chances are you will be very scared by what the premiums will be in 15 years!

[puppies]

Good advice. I did check my Super fund and it is only for a small about like $50,000. I have gone for $500,000 to cover the mortgage and other costs. I was quoted $26 a month. But I will ask what the term life is. Thanks for that.

[misty]

You can increase the amount you are covered for with your super insurance. $50 000 seems like an incredibly small amount. I am covered for around $130 000 with my super insurance, and I only work 5hrs a week. My husband is covered for quite a significant amount which increases in line with his income. Also the benefits of using 'super' insurance is that you aren't directly out of pocket, although you could add extra contributions to your super to cover any extra cost if you wanted (which in some cases can actually increase your overall super amount as well).