My wife and I did the same type of estate planning earlier in our marriage.

I have $1.25 million 30 year term life policy on myself, and $250,000 on her (she is a stay-at-home mom).

I have a disability policy for myself that covers about 2/3 of my income until I'm 65 years old. It's an expensive policy, but it means we'll be able to survive where we are until Social Security hits. There won't be any saving for retirement or college for our kids in this scenario. It just means we won't lose our house. We'll be able to pay the bills and eat. Nothing more.

I pay all three policies once / year, but it's about $300 / month.

It's amazing that I have minimized all that risk for my family to survive in the event of my death or disability for only about $300 / month, which is less than most people's car payment.

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Paul S.

2001 E430, Bourdeaux Red, Oyster interior.
79,200 miles.

1973 280SE 4.5, 170,000 miles. 568 Signal Red, Black MB Tex. "The Red Baron".