Term life insurance is personal and depends on what the goal is. If one spouse passes, Do you want to just help pay for a nanny, or replace the entire potential lost income, or make it so the other spouse never has to work again? All those will require different amounts. If you both pass you want enough so your child’s care and college are paid for. I think your current amounts are reasonable - just think about the goal.
For the duration- how long until you are FI? In general, you don’t need term life after you’re FI. The other option is to stack 2 policies so you have more coverage now but it will decrease as you get closer to FI. So maybe a 1.25 million 10 year policy and another 1.25 20 year policy.
We chose a 2 million 30 year policy (probably overly long in hindsight), then as our FI number increased due to desired lifestyle in retirement added a 15 year 3 million policy. Goal is if I pass spouse keeps raising kids and is set forever. Stay at home Spouse has a ~1 million policy w goal of childcare funding or offset cost of moving closer to family. In total it’s enough for our the kids to be raised by family without financial stress and pay for education.
For the duration- how long until you are FI? In general, you don’t need term life after you’re FI. The other option is to stack 2 policies so you have more coverage now but it will decrease as you get closer to FI. So maybe a 1.25 million 10 year policy and another 1.25 20 year policy.
We chose a 2 million 30 year policy (probably overly long in hindsight), then as our FI number increased due to desired lifestyle in retirement added a 15 year 3 million policy. Goal is if I pass spouse keeps raising kids and is set forever. Stay at home Spouse has a ~1 million policy w goal of childcare funding or offset cost of moving closer to family. In total it’s enough for our the kids to be raised by family without financial stress and pay for education.
Statistics: Posted by JJMrk — Fri Nov 07, 2025 9:42 pm — Replies 3 — Views 236