Life Insurance vs. Disability Insurance

[Anonymous]

I'm a male, breadwinner, but my wife works as well. She brings in much less than I, and doesn't have the career trajectory that I do. What she brings in basically goes towards daycare and groceries.

My question is, if she were to die, I don't know that I'd need a massive life insurance policy to replace her lost earnings, since she doesn't bring in a HUGE amount.

I'm thinking of increasing my life insurance for her needs, but considering not investing as much in her policy, and reinvesting that amount into disability insurance for myself.

Any thoughts? We're both 36, with two small kids, so at this time, we don't have the option to invest in everything.

We both have modest policies, nothing that would enable the other to not have to work.

I'm aware of the basic tenants, of having enough to pay the house and put the kids through school.

[Anonymous]

That sounds reasonable, as long as you also factor in paying for other services your wife provides. For example, if she gets home at 4 pm and watches the kids until you get home at 7, you would need extra childcare. Also consider that in the event that she died, your kids are going to need you around a lot more, so you may want to have the option to dial back your career a bit, at least for a while.

Also, it's "tenets," not "tenants."

[Anonymous]

If you don't have a disability policy, then I think I'd probably agree it's better to have DI than extra life insurance (although DI seems more expensive).

[Anonymous]

A DI policy for you is almost more important than life insurance --- at least as important IMO.

If you already have some decent life ins. get a DI policy ASAP (I am not in the insurance biz, lol).