500k each spouse
I make "more" than my wife- about 50% more (or she makes 33% less- you figure it out).
We established 500k based on what it would take to pay off house and other debts at time we started policies. Depending on which spouse collected the policies, we would each do different things with the money.
Wife would pay off all debts because she thinks her income, without any debt payments, would be enough to live on and still send kids to private schools.
I would have 400k of the insurance money yielding about 4% in a bond fund I like, so that 16k per year funds day care costs and transforms into school costs. I would need more than 4% in early years (daycare alone for us is 13k per year) but that if offset by relatively low costs until kids enter high school.
100k goes to pay down certain debts before I invest the 400k.
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