Originally Posted by kjpliny
I suppose we could do term life for 15-20 years, but how do you know how much you need?
That's really a tough one, isn't it. Just try to imagine you are suddenly without the wife and her income, and visualize what the economic situation would be for you. From that maybe a lump sum that makes sense will become evident.
For me, I have 2 young kids, my wife doesn't work. I have 200k term on her - my feeling is that if something happened, that would give me enough margin to payoff the house and a chunk left over to live on for a while, so if needed I could quit and hang out with my kids for some time while I figured out what the heck to do.
If I were without kids, my approach would probably be to figure that if my wife were to die I'd either 1) sit around the house and become an alcoholic, or 2) throw myself into my work. Being as how option 2 is probably a bit better, I wouldn't bother with the insurance on the wife.
In any case it isn't an easy choice. But if she gets 300k from work, maybe that is enough and you can think about where to park the $1800 from the existing policy