Totally clueless about life insurance/assurance

E2006

Hi, as the title says, Im totally cluless about what sort of policy/cover DH and I should have. We are 33 and 34 respectively. Have one 6 year old and another baby on the way with no health conditions etc. We dont smoke, are healthy weights etc and dont drink much.

DH has received a quote for a life insurance policy (not sure of the exact details), but the policy runs for 25 years, then simply ends. I wasnt sure if this was standard..seems strange paying all this money for 25 years to be left uncovered at the end of it. I wasnt sure of there were some whole of life policies, or policies that paid out a sum at the end if no claim? Also have no idea which firms are the best to use/most reputable? Ive just had some idiot from the company DH has enquired with ring to speak to DH about the policy but refuse to speak to me because Im not the policy holder....

I would be really grateful for any pointers.

E2006

Should add we own our own home (with a mortgage). We have mortgage cover and we both work and have pensions.

kingstreet

Why 25 years for the quote?

Do you both work? Death in service cover?

I would suggest you consider family protection cover - term assurance, or family income benefit, to run until your youngest child is 21(ish) if you both work.

If one of you is a houseperson, you could consider the cover until retirement, to ensure the houseperson is protected for the whole working life of the earner.

Deduct any death in service cover from the protection need.

It is neither sensible (charges), nor tax efficient, to mix protection and savings these days. Use separate plans to achieve each objective.