Do I need life assurance & CIC?

Weefeet

Help! My head is melting!

I have life insurance to the tune of £60k and a spouse scheme whereby my hubby will get a payout of £45k if I die.

Do I need life assurance and/or critical illness cover as well? We seem to be spending a lot of money on insurance/assurance/income protection policies and I'd rather have the money myself!

Any and all advice is welcome.

dunstonh

Do I need life assurance and/or critical illness cover as well?

If you dont have CI then you have a need for it. If you dont have enough life assurance then you have a need for more.

We seem to be spending a lot of money on insurance/assurance/income protection policies and I'd rather have the money myself!

You wouldnt be saying that if you have a claimable event though.

lisyloo

Do I need life assurance and/or critical illness cover as well?

That entirely depends on what liabilities (mortgage?), future living costs (income?, childcare?) that you need to protect.
There is no way we can comment on the information you've provided.

We seem to be spending a lot of money on insurance/assurance/income protection policies and I'd rather have the money myself!

We'd all rather not pay the premium but what will happen if
one of you dies?
one of you gets a critical illness and needs the home altered?
one of you gets a long term illness and can never work again?

Do you have debts to cover? e.g. a mortgage?
Do you have specific ongoing costs e.g. childcare, or just normal living costs?
Do you have family that could house you if you never work again?
Parents that could provide free child care?

No way we can tell without more detail on your circumstances as per the above.

We'd all like no/low premiums but some people need the cover, so it's always a trade off. Very few can afford the ideal level of insurance.

What about redundancy?
What does your employer offer for death, sickness, redundancy? Do you know?
What does your pension(s) provide if you die?

Weefeet

Thanks for the initial feedback. Info as follows:

At the moment, there's just myself and hubby, no dependants. I'm in a fairly high risk job so I know already I should probably have as much cover as possible. I have a good pension, hubby has none (don't even get me started on that one!)

Yes, we have a mortgage and of course like everyone else at the moment, a fair bit of debt between us.

I do understand what you mean about if, God forbid one or both of us couldn't work - I wouldn't be that irresponsible to think it could never happen to us but we seem to have a lot of policies for this, that and the other that I'm concerned that we're duplicating cover.

I've probably just answered my own original question but another perspective is always good.