Life insurance/assurance - no clue where to start - help !

Fruball

Hi

Please can someone help me...

I have a young family and want to make sure they are protected financially if anything happens to me. I also want critical illness cover. I need the mortgage to be paid off and a lump sum for my partner to bring up the children alone if needs be.

What do I need ? Pretty sure I need life insurance but what is life assurance ?

We don't have much spare money at the moment so if I take out a policy now and want to take out another policy for more money later, can I do that and have both policies running at the same time ?

Is there anything else I need to know ?

Many thanks in advance

dunstonh

What do I need ? Pretty sure I need life insurance but what is life assurance ?

Assuming repayment mortgage, you would use a decreasing term assurance for that. Then for family protection you would use a level term assurance of family income benefit depending on your needs and budget.

We don't have much spare money at the moment so if I take out a policy now and want to take out another policy for more money later, can I do that and have both policies running at the same time ?

You can have as many as you like providing there is an insurable interest and need at the time of commencing the policy.