Any model/pattern/strategy for selecting right insurance cover?

We are trying to evaluate the option for organising adequate insurance cover for me and my wife.

I have tried many Insurance Calculators but still struggling to decide WHAT I ACTUALLY WANT/NEED?

I would like to know if there is any model that suggests what levels of Term Life/TPD/Critical Illness/Income Protection insurances one would need.

We have
• investments properties with outstanding debt
• little children

And the questions that I try to find answers for are like the following:
• Should surviving spouse have enough in lamp sum to pay off debt OR debt for IP’s should not be paid off if the Insurance provides for sufficient income (maybe 80% - 100% of current salary) to cover interest repayments

So, what I’m really looking for is the STRATEGIES, rather than concrete advice for my case. I would than try to see how to select the most appropriate strategy and how to apply it.

Any suggestions are very welcomed.

Thank you.

 

Hi Mav

What you really need is to see an insurance specialist FP. PM me if you want an excellent guy I've used and happily recommend.

Cheers
N.