You need enough to co er the mortgage, college, and your life. Our thought was that of one of us passed, we wouldn't want the other to have to uproot their lives (and the children's lives) while grieving their parent.

It's been 28 years, all kids done with undergrad, house paid off, and we were offered to convert the policies to whole life. No thank you, that's a huge scam! Kids are launched, house paid off, we've saved for retirement. We don't need life insurance anymore.

We used Wallis Tsai as our life insurance broker and she was great. She did a really good job explaining the options to us and getting us a better rate and package than we expected. We were in the same situation - expecting our first child. https://www.aboveboardfinancial.com/about

We started with 20 year term when we had our first kid, so around 30. At 40, we both got a new 20 year term and upped the coverage. So we have coverage until our oldest is close to 30.

Coverage is 10x for me, and I think 10 times for DH, but his salary has increased more than me, so maybe less at this point. He has a pension and a much larger retirement than me.

We did 3m for 20 years. How old are you?

I don’t think we have enough, or did this the right way. We have term 3” plans purchased when we got married 20 years ago. $500k apiece.

I’m glad you are looking into it and doing it the right way. My cousin passed away from a massive heart attack in his 40s, leaving behind a teenaged son and wife. They did not have insurance. Wife is very frugal, and son went to instate college, so they will be ok. But I really wish they had insurance to pay off the house and college. My cousin was healthy, but stress and possibly an undetected genetic condition did him in. Greatest shock of my life.

I was always told life insurance is a scam…