Life Insurance question?

[WetWillie]

How much should a person have? Is there a formula based on debt and assets? Reason I ask is my brother inlaw has my wife thinking I need a lot more. I allready have alot in my oppinion?
What is life insurance there for in your oppinion?
Money to help your family transition for the next 10 years?
Lotto ticket idea? Take care of the family for the rest of there lives?
Looking for oppinions?

[MBlaster]

I have 500K on me. Term until 60. That's enough to pay off the house with a big chunk of change. Pretty cheap too. If I die after 60 screw em they're on they're own.

[voodoomedman]

How much should a person have? Is there a formula based on debt and assets? Reason I ask is my brother has my wife thinking I need a lot more. I allready have alot in my oppinion?
What is life insurance there for in your oppinion?
Money to help your family transition for the next 10 years?
Lotto ticket idea? Take care of the family for the rest of there lives?
Looking for oppinions?
I maxxed out what I could through my company benefits. If something should happen to me (God Forbid) I do not want my wife to have to work. I want her to be able to raise our son (currently) or children (future) without them being raised by babysitters. That's why we work opposite shifts right now. Tough we don't see eachother until the weekend but our boy is always with one of us and we only need a babysitter for like 2 and a half hours.

[voodoomedman]

Me and my wife have the same type of arrangement. Great for the kids, puts a bit of a strain on the marriage after 7 years.
I hear you but it is just for now. Once the kids are in school she will work days too as they will be in school and we will be at work. Also I keep busting my butt to climb the company ladder so that she will also go part time and it will be easier. Nice thing about Nurses is that they can always pick up an extra shift for lots more cash if they are working part time so it will all work out. It's all about our family. I'd get rid of the Havasu house the Ultra or whatever it takes before I let anything material rip my family apart. Of course it is nice having it all.

[Lost Wages]

Dont be a tightass WW. Buy some property!!!!!!!!!!!! Oops I mean insurance.

[HocusPocus]

we have one policy that will pay the house and misc debt that we may have at the time. then we have a whole life policy that will help out also.

[WetWillie]

I have a policy that will pay out $7500 a month if invested and she gets %5 back on here money for ever. She says thats not enough as she cant cover the mortgauge with that..
Am I in the wrong here thinking she may have to make some changes if I go bye bye?

[voodoomedman]

I have a policy that will pay out $7500 a month if invested and she gets %5 back on here money for ever. She says thats not enough as she cant cover the mortgauge with that..
Am I in the wrong here thinking she may have to make some changes if I go bye bye?
It all depends on your situation. If you have kids then think about them. If not then take care of your wife but you shouldn't have to kill yourself with insurance payments now so can be rich if you die. With that said you can do like was mentioned earlier and get the dealio with your mortgage company that pays off the mortgage should one of you die.