help me with insurnace?

lorny80

afternoon all.
my husband and i are about to re mortgage out home, and are currenlty looking at.
mortgage protection
life insurance
critical illness cover.

i have no idea what i am looking for. especially with regards to life and critical illness. i am being told i need to figure out how much we want to be covered for, but how do i calculate it?
if it helps..
mortgage will be 40000
we are both early 30s, have 3 dependants, oh works i am a sahm.

ACG

This is what you would usually pay a mortgage or financial advisor for.

You pay an extra couple of pound a month, but you get the advice and should it be the wrong advice you can get compensation.

However...
Mortgage Protection - Presuming you mean mortgage payment protection. This will usually pay your monthly payments for a year or 2, if you become sick and unable to work.
Life insurance - This will pay a lump sum if you die.
Critical Illness (usually sold with life cover) - This will pay a lump sum if you are diagnosed with 1 of around 35-40 conditions.

If you get life or earlier critical illness, it will pay out if you are diagnosed with one of the said conditions or die and is usually cheaper than buying the 2 plans seperately (as it will only pay out on 1 or the other and not both).

Just to throw another product at you - Income Protection/Permanent Health Insurance, is a product i am a big fan off and personally i would choose it over the others.

You usually pay for what you get and cheap products usually have a lower chance of payout.
Some of the better companies include:
Axa,
Aviva,
L & G
Liverpool Vic,
Friends Provident.

If you really havnt got a clue, speak to a financial advisor - its worth getting this right for the sake of paying a pound or 2 more each month.

Take a look at unbiased.co.uk or drop me a PM and i can put you in contact with a good advisor.