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[quote=Anonymous][quote=Anonymous]Both my husband and I have 20 year term policies

Things we considered in having 20 year term policies.
1.  Our current age and expected years of employment prior to retirement.  
1.  We have a 15 year mortgage - the policy will cover the mortgage amount as necessary
2.  At 20 years, our oldest 2 children will be out of high school.  By this point in time, college is either funded or not.  Child #3 will be in high school.  
3.  We have decent retirement savings already - this savings rate will continue to help cover costs after the term policy expires

[/quote]

We also got 20 year term policies for similar reasons.  I made sure that the policies were more than enough to pay off the mortgage, death expenses (funerals are expensive!) and still have some padding for extra money for the family.  We both make about the same amount, and much more than we need to live on, even for the surviving spouse and two kids, provided the mortgage is paid off.  We can also opt to pay down much of the mortgage, but not all, reducing the payments and have more money for other expenses, such as college, if necessary.  And this is in addition to the retirement benefits that we each have.[/quote]

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