Recommended amount of cover Life/Critical Illness/Income Protection

O

OEP1990

Registered User
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Having had a baby almost a year ago, I'm reevaluating our (wife and I) level of cover for life insurance, critical illness, income protection etc..

I'll give a quick overview of us, and our current level of cover:

Me: 35, employed in the private sector, salary ~100k. Disability benefit of 57k p.a. provided through work, death in service lump sum of 4x salary. Mortgage protection reducing term cover.

Wife: 35, public sector (teacher), salary ~ 60k. Income protection of, I think, 60%. Same mortgage protection.

Questions:
  • Is it worth having additional cover for death, outside of what is provided through my job? The scenario I consider is me getting a serious illness, have to give up work and then die some time after.
  • Perhaps upgrade mortgage protection to level term cover?
  • Critical Illness cover seems like something we both should have?
  • Any other thoughts or suggestions are very welcome.
 
You seem to be missing the Death Benefit that is provided in PS pension schemes?

PS in the pre-2013 schemes typically have Death-in-Service Benefit of 1x - 1.5x salary.
 
Protocol said:
You seem to be missing the Death Benefit that is provided in PS pension schemes?

PS in the pre-2013 schemes typically have Death-in-Service Benefit of 1x - 1.5x salary.
Click to expand...
Sorry, yes. I wasn't sure what it was.
 
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