Life Insurance Term length?

[stretchad]

How did you select your life insurance term?

DH and I are 31 and 32 respectively (soon to have our birthdays). Our son is basically a year old. Our biggest concern is protecting him should something happen to us both. Does 25 years make the most sense since DS will be through college by then? 

[Deleted]

We did 30 because 1) We wanted to give one another an extra nest egg until full retirement age, 2) we weren't certain we were done having children, and 3) the price difference between 25 and 30 years was really small.

[WinterWine]

We did 30 as kids are a few years off for us and I want coverage through college. If you are considering more kids or really want to cover college, I would look at 30 years. It's more expensive but I felt the price difference was worth it.

[Pom]

We did 20 years, since H was almost 40 and we had no kids.

I'd check the price difference between 25/30 and if its small as a PP mentioned, I get the longer term.

[msmerymac]

We have one on my husband for 20 years and 1 for 30 years. One on my for 30 years, because I'm younger and needed less life insurance (less income replacement). The theory is that in 20 years (new policies) we will have kids close to college age and will have most of their college money saved, plus the house probably paid off, and therefore need less insurance if something would happen to my husband, versus if something happened while we still had really young kids and I needed money to pay off the house and put into college funds, which are the two big things that would be really tough on my salary. H could live off his salary without me, but mine would definitely help in terms of child care and paying off the house OR college funds, since getting one big expense off his shoulders would be helpful.

[teatimefor2]

We did 30 because we got our policies young, 27 and 29 and we wanted a couple of kids and support to last through college.

The price different, as I recall, was not that great between 20,25 and 30 years.

[mainelyfoolish]

My DH's policy is for 30 years because we bought it a couple of years before we had kids and we wanted to make sure all future kids would be done with college before his policy expired. My policy is only 20 years because I'm a SAHM and by the time my policy end, our kids would no longer need daycare, which would really be the main financial burden if I weren't around.

[bostonmichelle]

We both have 30 year terms. We bought when we were 25 and we still had a few years before any kids and we wanted to make sure that we had the policies thru the time that they finished college.

[sillygoosegirl]

We haven't purchased it yet, but we're planning on a 15 year term. We intend to be retired within 15 years.

I think a 25 year term is reasonable in your situation, from what you've said. Two other things to consider: will you have more children and when will they be done with college? And will either spouses be able to afford to get by on one income (plus paying for funeral, time off, etc) until retirement if the other spouse dies in 26 years?

[Deleted]

30 years. We'd just refinanced our mortgage and 20 years didn't give us enough time to get kids out of the house. Fewer companies offer 25 year, so the choices are really 20 or 30.