Life Insurance Question
I have a question about life insurance. I have heard that the best thing to do is buy term. Here is our situation...
We are both 40. 22 years ago when we were married we bought a whole life policy for each of us. My husband's is for $50,000 and we pay a little less than $35 a month for it. Mine is only for $10,000 and has riders for the 5 kids. It costs about $200 a year.
A few years ago we also purchased a $100,000 term insurance policy for my husband. It costs around $30 a month. We both have small policies through our employers, but nothing to get excited about.
What are your recommendations? I know that we have nowhere near enough life insurance to cover expenses if something were to happen to one of us. Any companies that you recommend, amounts of coverage, etc.???
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