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life insurance question

Posted by on May. 2, 2010 at 2:05 PM
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My husband and I are expecting our second child and it's raising some questions for us on our life insurance policy.

Right now we are both covered at 500k (each of us has a policy at that rate).  But from what I have been reading, you should/can have policies up to 15-20x's the amount of your annual income - which in my DH's case would put us between 900k and 1 mil.  (I think 500k is a plenty high enough policy for me) 

With a second child, if anything were to happen to my DH (God forbid) I want to be able to take care of 2 kids - and go back to school, without having to worry about working at the same time (until after I finish my degree)

So right now, our term life is through Allstate... would it be simpler to try and raise the policy that we have now, so that the total benefits on that one policy would be 900k-1 mil?  OR would it be better to have a second seperate policy through another company for 400-500k???

Thanks :)

by on May. 2, 2010 at 2:05 PM
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