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Reply to "Should we increase our life insurance?"
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[quote=Anonymous]We are 37 and 39 and currently each have $600k in life insurance. We got the policy with our first child (5), but now that we have a second kid (3), I wonder if we need to increase it. My income is about $105k and DH's is about $120k. We have a $350k mortgage remaining and DH has $30k in student debt. Other than that, no other debt (we own our 2 cars and have no credit card debt). If anything happened to us, the kids would go to my childless sister. When we initially took out the policy, the thinking was that it would be enough for her to pay off our house and then send the (at the time) one child to college. Currently, they're both in daycare and if something happened to either one or both of us, the surviving spouse or my sister would clearly need to continue working and therefore child care would be needed. Should we increase, and if so, to what? Or is $600k each sufficient? Thanks.[/quote]
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