Curious to know if anyone is willing to share — particularly those with kids and a large disparity between your income and your spouse’s — how much life insurance do y’all have?
Right now I have a $1M 30 year policy (plus some coverage and stuff through work that probably adds up to another $1M or so in value for my heirs), but I’m starting to feel like this is way too little.
@pganssle Never make your life insurance too juicy. You only really need them to get over a hard year. A couple of million is enough. Make it 10 mill and you won’t live long…
The only life insurance I have is my mortality.
@pganssle No kids, but enough to pay off the mortgage and a bit extra; $750K .
@brettcannon Is that in addition to a group policy through work?
Not that it doesn’t seem like a reasonable amount of insurance (particularly with no kids), just curious.
@pganssle I believe there's insurance for a year's salary? I only know the $750K because I renewed my benefits plan in Feb and that's the number under my direct control.
🚲🦝 
@pganssle
What makes sense depends on your current financial situation. The lower your inheritable net worth the more you need. Employer policies like ours are amazing, but can disappear suddenly without notice so you always need something of your own on top. My extra is whatever was easy to buy without jumping through paperwork hoops like medical evals. You have more than I do. But if you have young kids that makes sense.
@pganssle I’m at $2.25m. That’s about what $100 a month can buy out of the options I found.