After a few shock sudden deaths amongst people of our age bracket I started to look at what cover we have and what we need and would be grateful for any advice from members on this issue.
Background:
We are both mid 40's with 4 children all of whom are dependent. One in post primary education and 3 in primary. My husband works and earns a decent wage and we have some savings behind us.
But I have seen friends who have lost their "other half" very suddenly and started to wonder how financially secure each of us would be if the other died suddenly.
Today I started a log of income and expenditure which leaves us with a bit extra at end of month but not a huge amount. We have a nice house and go on holidays twice a year.
To cut a long story short it got me thinking that we have little or no life insurance. We have mortgate protection on the house so that would be covered (11 years to run on mortgage) but only have one other small policy which covers both our lives independently for €50,000.
I can fathom pretty clearly what I would need in terms of my husband dying suddenly but I also looked at my situation. I am a housewife but to replace me (not with another wife!) would I imagine cost €500 a week between childcare, housekeeping and other run of the mill stuff.
So the crux of my question is do housewives take out insurance on themselves and if so for how long should I be looking at, my youngest is 6.
My husband literally wouldn't have a clue on how to run the monthly budget so I suppose my deciding that I need life insurance is my way of providing for the children and him should anything happen to me.
Background:
We are both mid 40's with 4 children all of whom are dependent. One in post primary education and 3 in primary. My husband works and earns a decent wage and we have some savings behind us.
But I have seen friends who have lost their "other half" very suddenly and started to wonder how financially secure each of us would be if the other died suddenly.
Today I started a log of income and expenditure which leaves us with a bit extra at end of month but not a huge amount. We have a nice house and go on holidays twice a year.
To cut a long story short it got me thinking that we have little or no life insurance. We have mortgate protection on the house so that would be covered (11 years to run on mortgage) but only have one other small policy which covers both our lives independently for €50,000.
I can fathom pretty clearly what I would need in terms of my husband dying suddenly but I also looked at my situation. I am a housewife but to replace me (not with another wife!) would I imagine cost €500 a week between childcare, housekeeping and other run of the mill stuff.
So the crux of my question is do housewives take out insurance on themselves and if so for how long should I be looking at, my youngest is 6.
My husband literally wouldn't have a clue on how to run the monthly budget so I suppose my deciding that I need life insurance is my way of providing for the children and him should anything happen to me.