If you are paying $80 a month for all that, you probably aren't paying too much.
I honest cant say if you have too much or little insurance, because I don't know your situation, but it doesn't sound like it. I don't have a problem with term 30 policies, as far as term is concerned. For some people it is the best option, others it isn't.
Is there a specific reason you have double on your wife? (Not to get too personal)
Regardless, if you are asking if having $1M of insurance on her is too much, I don't think so, and you won't think so if anything happens to her.
The guy talking about the savings account was talking about the return of premium term policies. I'm not a big fan of these, as they have some funky wording in their contracts, but that is a much longer conversation to be had. The other option to have it work for you is to do a permanent policy, properly structured one, do that you own it and it becomes an asset and you dont rent it anymore. Again, that is a hard thing to have a fair conversation about on here.
This post was edited on 2/20 at 6:05 pm