I did a lot of research and ultimately selected a blend of term/whole insurance for $1M through Northwestern Mutual. I also get my long term disability insurance through them. I based the coverage on my salary (attorney), mortgage, and expectation my child(ren) will go to college. My husband has a similar policy.
Term is great if you need coverage but are not interested in accruing value. It is less expensive, and provides essentially the same coverage. Usually the policy terminates at the age of 65, or becomes too expensive to be worth it.
Whole is like a "forced savings" plan-- you own the policy. With ours, we accrue value, and earn dividends to the point that the policy, after 10 years, will pay for itself. Also, at the age of 65, I can draw a yearly salary from the policy. If I wait until I'm 75, I can draw a higher amount.
For 3 policies (2 life, 1 LTD), I pay $375 per month.
at 1:19 PM on Apr. 6, 2009