Me and the missus have just bought a place. Neither of us have – or have ever had – life insurance, so want to set something up which will pay the mortgage off if one of us dies. Thought it was just a case of deciding an amount and paying a premium for X years, but having had a quick look there are loads of different types of life insurance.

Any advice before I get deeper into it?

I got some advice a few months back on here

http://singletrackworld.com/forum/topic/life-insurance-1

Basic option would be to pay a premium that pays off the mortgage if one of you dies. You might want to also include an amount for other debts and funeral costs. If (hopefully) you both survive, those premiums are lost.

There are a few financial bods on here who will be able talk more about proper investment where you get some payment at the end of the term if you survive.

Think of the other partners life should one of you die.

Don’t just set an amount to pay off the mortgage – if you are young and healthy it doesn’t cost much to add another 250k or more to a policy. This means the surviving partner could live comfortably for a few years on one income.