Employee benefit - need life insurance?

jm54

My contract stipulates that my spouse will receive 6* my salary upon my death in service. Do I need to have life insurance to cover the mortgage this being the case?

csgohan4

depends if you can afford it and need it


I would look into the T+C 's into your benefit for example, at least with your own policy you know what to expect and what should happen if your work went bankrupt?

sheramber

Will that amount cover the outstanding mortgage?

Will your spouse need money for support after your death?

Weighty1

If you die your spouse loses your income coming into the family home for X number of years. Does just 6-months worth of that make up for the loss of your income throughout your working life? I'd be surprised if it's sufficient, but nobody can say if it is or isn't without knowing far more about your circumstances.