I've been trying to wrap my head around whether my partner and I need to purchase a separate life insurance policy. We're generally healthy at the moment. We're in our early 40s, both have desk jobs, with a dependent who's just started primary school. There's some somewhat-relevant clause in our superannuation fund, so just wanted to know what else I need to think about to come to that decision.

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• How have you decided whether you needed to buy a separate one?
• When/how does life insurance overlap with income protection insurance?
• What policy clauses might trap the unwary? (i.e. in a home building insurance policy - you might only get 12 months of accommodation provided while your house is being rebuilt)
• Which are the more popular companies that offer these products for consumers?

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Thanks in advance!

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Edit: Very grateful to the redditors who have posted their thoughts already. Thanks for getting me to think about month to month expenses if something happens to one of us. We are on $200k combined, our monthly mortgage costs are about $5,700. Current super fund pays an income protection monthly benefit of $6,300 for 2 years, and a death/TPD of $290,809.

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Edit no.2: Thanks everyone for your responses. My partner and I really appreciate your perspectives on the thought process in understanding why you want to be insured. I've got a couple more questions - 1) is anyone able to shed some more light on how fees work? If you find a product through a financial planner/risk specialist, are we on the hook for monthly fees to the planner or specialist in addition to the monthly policy subscription? 2) Also - when it is the point when you don't need this kind of insurance any more? Once the surviving partner is able to live on only their income alone? Once the mortgage is paid off? Once you hit retirement age?