Hi,
Reviewing financial situation at the moment and looking to increase life cover for myself (39)and possibly my wife(38).
We have two kids aged 6 and 3 and would like to ensure they would be comfortable in the event of both or either of our deaths.
Currently have mortgage protection- joint life, first death.
Also have 350k in dual life term plan to age 65.
My pension will pay 300k death in service lump sum and my wife's pension will pay 190k death in service benefit in the event of us dying in service.
Was considering taking out an additional 750k life cover on myself until age 65- quotes are very reasonable at 74 euro per month. To make this a dual life term policy with my wife would cost about €130 per month.
Is this increased level of cover overkill?
Have received very sound financial advice down the years from this site so would appreciate advice,
Thanks ,
cully
Reviewing financial situation at the moment and looking to increase life cover for myself (39)and possibly my wife(38).
We have two kids aged 6 and 3 and would like to ensure they would be comfortable in the event of both or either of our deaths.
Currently have mortgage protection- joint life, first death.
Also have 350k in dual life term plan to age 65.
My pension will pay 300k death in service lump sum and my wife's pension will pay 190k death in service benefit in the event of us dying in service.
Was considering taking out an additional 750k life cover on myself until age 65- quotes are very reasonable at 74 euro per month. To make this a dual life term policy with my wife would cost about €130 per month.
Is this increased level of cover overkill?
Have received very sound financial advice down the years from this site so would appreciate advice,
Thanks ,
cully