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Thursday, 12 March 2020

Should I increase my life insurance?

Just had a random thought - should I increase my (and DW's) life insurance? I have a minimal amount of death cover via my retail superannuation account (the company pays the premium, so why not), and DW doesn't have any cover as it seemed to make sense to 'self insure' given the cost of premiums at our age and the fact that we have sufficient financial resources to cope if one of us were to die. However, I'm guessing (I haven't checked yet) that life insurance premiums probably haven't been adjusted yet to account to any increased risk due to Covid-19, so it may be a reasonable 'worst case' preparation to take out some life cover for DW and myself. We can also cancel the policies if we're both still around next year ;)

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