Reply to Getting real life insurance now that we're expecting our first child - advice from people who know life insurance?

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[quote=Anonymous]My husband and I are expecting our first child in October, so we are looking into getting real life insurance. Up until this point we both just had the basic 1x or 2x salary coverage that our employers provide at no additional cost to us.

Based on my research so far, I am considering a Guaranteed Convertible 30 year term life insurance policy which I think, assuming the underwriting goes as expected, I can get at a preferred rate of $700 a year for $1 million of coverage should I die within the 30 year term. My husband's will likely be at a less great annual rate due to some family history and the fact that he is a male but with the same $1 million for coverage. Our only debt  is our mortgage - we're on year 5 of a 30 year mortgage on a $520K house with 3% interest. These policies won't set the surviving spouse up for life by any means, but our hope is that they are enough to pay off any remaining mortgage and leave the beneficiary with some options  should the worst happen.

I know so much of this is dependent on tons of different financial factors, but does this generally seem like a good plan/policy set up? Any advice or other things we should consider? Thanks in advance. [/quote]

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