Insurances and assurance - what do we need..?

ibelongtoguy

I have lived with my partner for 7 years. We own a house, it is his mortgage although I am named on it but not joint mortgage.

We just got married and as we are planning a family I am trying to get finances in order. He has MPPI on the mortage for sickness/disability and unemployment but it only covers him - they have said they can split this into percentages to include me i.e 50/50 - so if we needed to claim on either of us it would pay 50% of the instalment and the other would be responsible for the other half (it's with barclays so I'm sure he's paying over the top already and this will need looking into).

We want a policy that would pay out if either of us dies to pay off the house. What is this policy called...level term?? it would be for the duration of the mortgage left to run and pay out on his or I death purely to cover the house?? The if you wanted a policy to pay out on death but not specifically to cover any debt - just to leave the kids...what's the best plan of action??

I know that all the answers are here somewhere, but as a new MS and new wife I would like to get things straightened out and save us some money somewhere if possible.

I should also point out that he has a joint on death/critical illness payout with his ex-wife which he pays £60 a month for paying out jut over 150000 on death of him or his ex...but that's not much good to me as i won't have a house to live in...the money would be for his son in this instance.

I have a small policy wich pays out 100000 on death only for £9 a month

So in short...best MPPI way forward for us both.

Best way to get on death payout to pay off mortgage if either of us dies.

Best way to accumulate something for the kids (jointly) if I can persuade him to canx his policy with his ex in order to fund something for both children.

I do appreciate any advice or example of what other people do to give us an idea of where to start.

what do you do?

many thanks