How old are your kids? Plan to have any more? Do you have family who could care for them in the event you and your spouse/co-parent both die? Are those family members fairly well-off, or do they struggle financially? Do you have a SAHP who would have a difficult time transitioning into the paid workforce if something should happen to the income-earning spouse? How old are you now, and how healthy?
Personally, I think it’s best to max everything out as far as the term and benefit amount when you are young and healthy.
We basically did what Blogstar did, above. We have 20-year policies that are at the 10th year, and we’ve recently purchased 15-year policies for higher benefit amounts because we had another kid in the meantime, and need to cover for all of their living expenses, including college, until the youngest is at least 23. We also have other assets, so they/we are not entirely dependent on the policies, but it sure feels nice to know everything should be pretty much covered in the event something terrible happens.
