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Of course, you should have life insurance. It should be a replacement of your income for certain amount of years. Only you can figure out how long it should cover, based on your circumstances, but there are also countless calculators online.
Personally, with two pretty similar incomes and almost grown kids, we are both insured for 250k. It's a simple term life policy through my employer. At some point, I should probably look into one that is not tied to me being employed here, but this is good for now.
for roughly how much? 1 Million ??, but you need to do the math, (Don't forget to include in inflation, and the cost of the "free" stuff you do that now need to be contracted out, Also the "Free" Stuff you wife does that now can't since she no longer has that free time)
Also your wife should have a Policy also to cover cost of her lost income, and household "free" costs.
Also consider the monetary benefit of your SAHM. If she were to pass, how would you replace those SAHM duties while still working?
I'm pretty close to your assumption and have term life on myself and my SAHM.
Very important and often overlooked point.
You should have term for both adults and it should along with your assets allow at a min the continued lifestyle you and your family currently have for some period of time. That period of time and dollar figure should be something you decide on. Remember the payout is not subject to federal income tax so that plays on the amount
I have 20-year term life (expires when I am 56) and it provides enough for my wife to pay off the house, put the kids through school, and still have a few years to live on.
not only you need a life insurance but your stay at home wife needed one as well.
My husband -- a whole life and a policy from his employer. A part of whole life would cover our mortgages the rest would leave me and my son enough to maintains our life style.
Myself-- a policy from his employer.
Assume you're 35 and healthy, but have a bunch of kids, and a stay at home wife.
would you get life insurance? what kind? for roughly how much?
What kind of life insurance should you AVOID?!!!
Life insurance isn't just for sick people. Being healthy may get you better coverage for the premium you are will to pay.
Do you need life insurance? What do you think life insurance is for?
How much do you need? That is a personal question. What is your comfort level?
Now does your wife need life insurance?
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