How much term life insurance do you have?

I hope this isnt too personal a q. - I have a poll so that might be easier to answer.

I am just about to sign for 1million for my husband and $750,000 for me...is it enough...too much?

My life insurance guy suggested this amount but I dont know if I trust his advice.

TIA

Re: How much term life insurance do you have?

It's relative to your situation. Life insurance is there to pay for things that would be missing if/when one of you should pass. If you have kids, mortgage, other debts..etc..the more you need. Also, it depends on how much income you produce.

So many factors..the poll is too general for me to answer you completely.

Re: How much term life insurance do you have?

it depends. Do you have kids? Would you need his income to survive for things like day care, etc.? Do you have a mortgage that you would need to pay off?

DH and I don't have quite that much on each of us, but we don't own a house and we do not have kids yet.

Re: How much term life insurance do you have?

I also agree it depends. We both have under $500,000 but our mortgage is not too high.

Re: How much term life insurance do you have?

We have just enough term life insurance to cover our mortgage and outstanding bills (plus 20% more to cover future expensives/renovations).

We prefer to invest in whole life insurance instead. So far we have two $50k policies and plan to get more as we have more available income to invest.

Term life may be really cheap but you loose any investment you make if you don't use it. Whole life has a cash value.

Just my thoughts.

Re: How much term life insurance do you have?

I have no idea what my life insurance is... Good question... I should know this. I'll have to check on this.

Re: How much term life insurance do you have?

Ask him how he's/she's coming up with this amount. The agent should have some form of calculating to answer your question...Human Life Value? Short-term needs + long-term needs - resources = how much life insurance you need? Is the future and present value of money taken into account?

Re: How much term life insurance do you have?

we each have a 250k (i think) policy through work, which we decided in this last week, is not enough - so we're going to be looking into more. personally, with the nature of our work, i would feel more comfortable knowing the other is financially stable if something were to happen to the other. we don't have children yet, but plan to within the next year or 2. i guess it all depends on what you feel comfortable with.