Do I need life insurance to cover mortgage?

scaredofdebt

I have DIS at 4 x Salary AND private life insurance policy worth around 10 x Salary. Company pension also pays my wife a pension when I die although it's far from generous.

I have children (youngest is 4) which is partly why I am insured at this level, which I consider just about enough if (when) the worst were to happen.

pinkteapot

To be absolutely clear: You've been given bad advice that only one life policy will pay out. You can have as many as you like if you pay for them!

The person might have been thinking of car or home insurance, where being double-insured can cause problems.

How much cover you want or need to have is a different matter, but you don't need to cancel your life insurance because you have death-in-service.

System

Just to add my two penno'rth, when any of you are wondering whether you need one or two policies, or whether you have enough, too little, or too much cover, etc just ask yourself this - if I die today, how will my family / dependents manage financially? Too many people think of life insurance as something which will cover your funeral and keep the wolf from your dependents' door when you are nearer the "three score years and ten" and the children have left home and the mortgage is paid.