The average life insurance policy will lapse after 4 years. I would consider evaluating the possibility of laddering a string of term policies. By this I mean get a 250 K policy (or whatever amount you choose) for 10 years and a 250 for 20 years. That gives you 500k of insurance over the next 10 years and at the end of 10 years look to take out 500 K at that point which would give you 750K for years 10 through 20 and 500 K for years 20 through 30. At the end of that time kids through school and mortgage may be paid off and you have less need for insurance. Make sure the policies are non-cancellable and guaranteed reknewable.
Because you are using the less expensive term policies you should have a greater amount to pack away and with changes to the IRA limits consider putting fully funding the IRA and converting to a Roth which you would need to do because of your income bracket.
If life happens and something happens that requires you drop a policy you still may be able to have some insurance in place using this method.
