If Mrs P dies, will you need to pay for childcare? Will the absence of a mortgage repayment pay for that? You'd also get the State Widowers pension. My guess would be that your wife has enough insurance; not so sure about you.
What is your salary and how old are your kids?
I always caution clients on reducing their life cover. It is relatively cheap anyway. If there is a claim, it is going to be a very traumatic event for the rest of the family and it is impossible to know how you will all react or what the future will look like afterwards. Having a decent chunk of money will provide you with options.
I have had several conversations with women who's husbands have died and left life policies for €70k - €80k. With a household to run and kids to educate and look after, that money is quickly used up and they haven't many options left. So I would be careful in reducing that cover and from first glance, it would look like you have underinsured your wife.
Steven
www.bluewaterfp.ie
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