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Reply to "Should wife and I increase life insurance? Thru employer or private insurer?"
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[quote=Anonymous]We have really similar #s. We have insurance through a private insurance so that it is portable if we change jobs and we do not get to ta point that we have a medical event and can not get life insurance. We have term insurance b/c we have a decent retirement savings. When we did the math, we each took out 1.5M term. This amount for us would ensure that school is taken care of for 3 children (MS/HS and college) the mortgage is paid off and the spouse can take as much time off as needed including having the option of leaving the workplace. We did the math and given 200K college savings, 450K mortgage we decided 1.5M was what we needed. Depending on your current college savings and private plans (we are thinking Catholic Schools and have boys so Gonzaga is an option at 1/2 the price of StoneRidge or Visitation) you may need a little more.[/quote]
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