Hi,
Just want to see if anyone has opinions on the following? I think my plan will provide enough life insurance for my family but maybe I am missing something or not?
- currently have death-in-service benefit worth 432k from my employer
- I am not married but am co-habiting and have 2 children aged 3 and 1. We are in our late 30s.
- Partner has no life insurance and is unemployed (stay at home mother)
- Leaving aside the romance of marriage I think we need to get married for inheritance reasons so that my partner receives everything I have tax free in the event something happens to me.
- I currently have no will.
I plan to take out single life insurance for myself only worth 700k for 20 years. I know initially this is too much but I prefer this than paying a indexable premium.
If I live past 20 years then I should have enough saved up anyways from there for my family in the event of me kicking the bucket after that.
I have also accounted for the widows pension so we have peace of mind for the foreseeable future into our pension years.
I suppose income protection might be an idea but then again I work in software\IT so the risk of me not being able to earn an income is low.
Thanks
Just want to see if anyone has opinions on the following? I think my plan will provide enough life insurance for my family but maybe I am missing something or not?
- currently have death-in-service benefit worth 432k from my employer
- I am not married but am co-habiting and have 2 children aged 3 and 1. We are in our late 30s.
- Partner has no life insurance and is unemployed (stay at home mother)
- Leaving aside the romance of marriage I think we need to get married for inheritance reasons so that my partner receives everything I have tax free in the event something happens to me.
- I currently have no will.
I plan to take out single life insurance for myself only worth 700k for 20 years. I know initially this is too much but I prefer this than paying a indexable premium.
If I live past 20 years then I should have enough saved up anyways from there for my family in the event of me kicking the bucket after that.
I have also accounted for the widows pension so we have peace of mind for the foreseeable future into our pension years.
I suppose income protection might be an idea but then again I work in software\IT so the risk of me not being able to earn an income is low.
Thanks