Life assurance- unmarried couple

jyonda

We are an unmarried couple with 2 kids (3 & 1) and I'm thinking about getting some additional life cover for us but I'm not sure what to go for. I have a company policy which covers me for about 120,000 and my partner has a separate policy with Sainsburys for quite a bit more but I'm the main breadwinner. If something happened to me then I don't think the company policy would be enough seeing as the kids are so young. We don't have a property and are renting privately so don't need any cover for a mortgage. So how much cover would be enough and should we be looking at a joint policy seeing as whoever is left will need to be the beneficiary? Would the children automatically become the beneficiaries if we both pass away? Any thoughts, advice, suggestions would be appreciated.
Thanks

dunstonh

So how much cover would be enough

enough that can provde an income at 5% to cover the income lost (or cost of childcare).

should we be looking at a joint policy seeing as whoever is left will need to be the beneficiary?

Possibly. Although if your cover requirements are not balanced you may need two or three plans. That isnt as complicated as it sounds as many providers will segment multiple plans into one policy and payment.

Would the children automatically become the beneficiaries if we both pass away?

Not necessarily. That would depend on your will and value of your estate.