I'm civil servant since 2006, married and with a kid on the way I think it would be prudent to take out a life insurance policy.
I'm trying to calculate how much cover I need and am trying to figure out the 'death in service' benefit. Am I right to say that if I died, my wife would receive the lump sum I would be entitled to if I retired due to ill health at the time of death. So with 16 years service she would be entitled to 48/80th of my current salary?
Is there anything else I need to consider here before taking out a life insurance policy?
I'm trying to calculate how much cover I need and am trying to figure out the 'death in service' benefit. Am I right to say that if I died, my wife would receive the lump sum I would be entitled to if I retired due to ill health at the time of death. So with 16 years service she would be entitled to 48/80th of my current salary?
Is there anything else I need to consider here before taking out a life insurance policy?