We have 3 policies. A personal one each that would pay a lump sum on our death and a joint one that would pay off the mortgage. I think we pay £35ish/month for all three (combined price). That means that if I die, the mortgage is paid off and there is some money for child care so Sam can carry on working. If Sam died, the mortgage is paid off and we have something to live on and if we both died, the mortgage is paid off and there is both our policies to pay to raise the kids with enough money to pay for further education.
I would say you really need to see an independent financial advisor. When looking at this sort of thing, I always look up the advice on Money Saving Expert. You don’t want to find you aren’t as well covered as you thought you were.
We have 1 policy with Bupa and the other 2 with Bright Gray. They were the best policies for the price. But these things are always changing. And an important thing, I own Sam’s policy and he owns mine. A little thing that an online company might not point out to you (and why I’d say you need to see someone in person). If he died and he had owned his policy, I would have to wait till all the details death were sorted before I got any money (i.e. if there were an inquest). Because I own the policy, it is mine to claim as soon as the terms are fulfilled. So the day after his death, I could have the money in my back account.