Life Insurance- how much?

We've done $200,000 each. Our guardians for our children are Nathaniel's sister and husband, and they live in Australia. We wanted to have enough to get our children to their place on the Sunshine Coast, and have something left over towards the expenses of raising them. As we have more children, we are going to look at raising the amount.

We also wanted to choose an amount that meant if something happened to one of us, the other would have enough to get themselves established closer to family.

most of my clients that i have seen cover their mortgage at least...and most seem to sit around $150000 to $400000 - the premiums for above that seem excessively high in the scheme of probabilities!

I guess it depends why you need that much? and whether you can cover the cost of the premiums for life? also i guess if there is a cash out advantage to having a higher policy that you could use down the track? most cash outs seem to be around $10-20000 so not a great amouut but enough to help if need be?

Well its a first death policy so if either of us goes the other gets it, or if we both go it goes into a trust for the girls that Mum can access. We wanted enough so if DH went I could by a comfortable home and not have to work/only work part time while the girls were growing up and have enough for uni for them etc.
If both of us went we wanted enough that Mum could get a bigger house, only work part time-or get help in and some left over for the girls for uni etc. I just figure we need enough that money won't be an worry- it would be hard enough dealing with a death without being worried about finances. The premiums aren't an issue.

I just went to this website http://www.sovereign.co.nz/section131.asp and it is a calculator to work out how much you should get cover for. I just did it and told me to get cover for $280000 for myself. I would have to look further into it as I was a smoker so i'm sure that would come into it somewhere.

DH is insured for $250k, and we have separate death cover on our car loan which is our only major expense. I haven't got insurance yet as the premiums are to high due to my health issues.

DH and I are both insured for $300,000. We did this pre baby though when we bought our house so it was enough to pay off the mortgage. It is so morbid thinking about it though! I hated having to do it

In SA we didnt insure me as I am not working ect and his parents can take care of McKayla if anything happens to me. We did insure him. Insurance was really expensive.

He has one through work and we are changing to ones over here. And right now we are also just going to insure him and see about next year with me and taking another one out on him that will just be for McKayla one day and another one when the next kid comes.

Work out what living costs will be if the one dies and take out that much. (example creche fees for like 5 years and the mortgage and other debts) That is what you have to cover on that person and then do the same on the other person. If that makes any sense.

We don't have life insurance, we have a family trust set up that would provide for the girls in the event that something happened to me, so life insurance is unneccessary.
My Dad has some exorbitant amount of life insurance, and also has key man insurance, and the premiums are insane.

Thanks guys- makes me feel a bit better, they way Mum put it made me feel like it wouldn't be enough.

I am also considering lic jeevan anand returns for myself. I just have to discuss it with my husband as he is pretty good at these matters whereas I have always been scared of financial matters. I believe, even a small mistake can create a big problem for everyone.