I did some searching and couldn't come up with enough. Please link me to some good discussion if this has you've all been down this path before.
Could use some help on this one. I'm hoping to get a consensus from you folks about how much Term Ins. DW and I should hold. DW and I are 32 with two young children. Jobs are fairly secure (mine in public school). We hold a significant mortgage on our primary residence. We have an emergency fund of four months or so.
At this point we both have term enough to cover the pay off of the house. But I've heard everything from "enough to pay off the house" to "20 times annual earnings". Wow!! That could be alot of insurance. Is 2 or 4 million dollars of term insurance realistic? What is reasonable? What do you youngsters have? I understand that as you age and become F.I. the idea of LI changes a bit. Just trying to get a general idea and maybe some philosophy to guide our decisions. OH, and what should I be paying for this assuming solid health and habits. I have access to USAA, which I believe to be of good credit and service.
Thanks again, always appreciate the power of the "ERF Index"
O0
devo
Could use some help on this one. I'm hoping to get a consensus from you folks about how much Term Ins. DW and I should hold. DW and I are 32 with two young children. Jobs are fairly secure (mine in public school). We hold a significant mortgage on our primary residence. We have an emergency fund of four months or so.
At this point we both have term enough to cover the pay off of the house. But I've heard everything from "enough to pay off the house" to "20 times annual earnings". Wow!! That could be alot of insurance. Is 2 or 4 million dollars of term insurance realistic? What is reasonable? What do you youngsters have? I understand that as you age and become F.I. the idea of LI changes a bit. Just trying to get a general idea and maybe some philosophy to guide our decisions. OH, and what should I be paying for this assuming solid health and habits. I have access to USAA, which I believe to be of good credit and service.
Thanks again, always appreciate the power of the "ERF Index"
O0
devo