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How much cover does your household need?
Start with obligations that would continue without your income: mortgage balance, childcare, school fees, and years until dependents become financially independent. A common approach is income replacement for a set term — often until the youngest child turns 21 or the mortgage ends.
Term length matters more than brand
Level term life insurance pays the same sum if you die during the term. Decreasing term tracks a repayment mortgage. Whole-of-life policies last until death but cost more — most young families need term cover, not lifelong investment hybrids.
- List debts that would transfer or burden survivors.
- Estimate annual household spend minus your contribution.
- Choose a term that ends when the biggest obligation ends.
Joint vs single policies
Joint life pays once — usually on first death — and can be cheaper. Two single policies give separate payouts and flexibility if you separate. For unmarried couples with children, two singles often age better.
Life insurance is not about optimism. It is about the bills that keep arriving either way.
Writing in trust
Policies written in trust may pay out faster and outside your estate for inheritance tax purposes in some cases. Many insurers offer free trust forms — worth completing when cover starts, not years later.
When to review
New children, divorce, remarriage, mortgage changes, or leaving employment benefits should trigger a review. Cover bought at 30 may be wrong at 40.
This is not regulated financial advice. Compare quotes and read policy documents before buying.