re: Wife pregnant for first time...

quote:

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The final step is income replacement. When I pass away, I want my wife to have income coming in (besides what she earns) for 20 years, so I get that number, factoring in inflation and whatnot.

With all that said, to each his own on death benefit number. If I went by the 10x salary number, I'd be under insured. However, I know plenty that just want debt wiped out, and have no desire to provide income. So the 10x number would be too much.

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You must be in the biz because that's the steps my financial advisor walked me through whenever I signed up for mine.

My wife and I are in a very similar situation as the OP. I have over a little over 10x my annual salary in order to pay for all expenses, cover our combined debt (a car note & mortgage) and provide her with supplemental income so that she would not have to change our lifestyle (sell the house, downgrade quality of life) if I passed.