Life insurance newbie

princess1984

My father in law has recently passed away at the age of 60, leaving the family with just about enough money to cover the funeral costs. This has left me thinking of what me or my husband do if we died. We are 28 and 29 years of age with three children together aged 9, 5 and 1. He works full time, I am a student and we don't have anything of value because we have a cheap car and rent our home. However when I've finished my training I will be working as a teacher, and he hopes to increase his income with further training through his work. We expect (or would love to!) own a home in the future. There will be factors that affect our premium, my husband is diabetic and I am a smoker.

I have absolutely no idea what sort of insurance to go for. If I take out insurance based on our lives now, how much cover will I need and if my circumstances change, eg buy a house and need more cover, do I scrap the insurance I have and take out a new policy?

InsideInsurance

Both now and when buying your house you'd need to speak to an IFA or a protection insurance broker to help you decide what is an appropriate amount and the right sort of policy given your circumstances.