Life Insurance- decreasing or level term?

dunstonh

Nikster73 said:

My main concerns would be - if something unfortunately was to happen to either one of us tomorrow.  Then one of us would be left with a large mortgage amount to be paid off and this might not be possible to afford every month.

If my husband was to fall unwell, this would also result in financial issues as he would not receive sick pay for being absent from work, as he has his own company.

So, generically, you would take out a decreasing term assurance for the mortgage and a level term assurance or family income benefit for provision for the family.

Nikster73

Thanks  - that would be dependant on the cost for both per month. Unfortunately our finances might not allow for both policies.

dunstonh

Nikster73 said:

Thanks  - that would be dependant on the cost for both per month. Unfortunately our finances might not allow for both policies.

Often an issue.  However, think how your finances would be with the loss of income due to death.  Run that scenario twice. One with your death and what would happen and once with your spouse/partner.

Life assurance is generally very cheap.  it is the CIC that shoves the price up.