Life Life insurance - whole of life policy

Hi
We are 45 and 47 and I am currently trying to rejig our finances. I am in public sector job and hubby is semi state. Loads of borrowing (not payment protected) hence the rejig. We have a whole of life policy with Canada Life - cover of about 300,000 and 250000 it is a dual policy. We pay about 135 per month and this increases each year. I have no other life insurance. Should I look for alternative life cover and what type of policy and how much should I be paying. We have one son age 18. I think we should have life insurance so if anything happens either one we can pay of debts with it. Any advice appreciated.

You should have life cover with specified illness cover at least to cover your debts and maybe a couple of year's salary too given that your son is only 18 and probably going to college.

Are your life cover premiums reviewable?.. I assume they aren't guaranteed and will go up over time. A term policy e.g. for 10 years can work out a lot cheaper and will not provide cover for longer than you need it. Joint life is also cheaper than dual. If it is to cover a loan, why not get decreasing term cover?

Your existing policy may have a value if you cancel it which would provide a good start to putting some money away for any eventualities.

If you are semi-state you probably already have sick pay, PHI and death in service benefit so try not to have too much life cover as it would just be an unnecessary expense.

I wouldn't recommend you take the advice of Techni-fan. He/She cannot possibly make such a recommendation based on the limited information he / she has received in your posting.