The missus and I have taken on some joint financial commitments meaning she needs me to stay alive a bit more than usual. I've been thinking about taking out life insurance to cover the costs of our joint liability in case something were to happen to me and want to know if anyone else has any similar arrangements or if I am being morbid.
Is it prudent to take out insurance just to cover my side of the liability, or should I increase it to cover the full share? Is it better to take insurance out to give her a bit of a cushion as well? Also, how simple is it to increase the coverage if we took on more responsibilities later on?
I know "it depends" will be the answer to quite a lot of this, but would like to hear what you think.
(I must admit a large reason for wanting to take out insurance is the cycle commute to work and the increased coverage of cycling fatalities in the media.)