re: Can someone give me Life Insurance Advice?

Depends on what you want the life Insurance to do for you.

As a rule of thumb I always cover all debt, no matter what. I then usually suggest anywhere from $15-$30K for final expenses/funeral expenses (if you haven't looked at what those costs these days, it is ridiculous).

Other points to consider, does your wife work? If so, income replacement may not be as important (though still important), then if she doesn't work. Say you wanted to provide your wife with $3,000 per month of income for 5 years to help her ease into being the single parent, that would be another $175K or so of death benefit.

As for your kid, how old is he/she? If it were me, and I passed away, I would want their Education completely funded. If you know you plan on having more kids in a few years, I would think about going ahead and planning for that, because you don't want to be in a position where you couldn't get anymore.

Depending on how young you are, the policy duration for you will vary. If you are young, I would get the longest policy you can. I know many think that you won't need life insurance into your 50's and 60's, but I have seen WAY too many instances where it has been needed, but not able to be gotten, so it is always best to leave yourself with flexibility and options.

As CQQ said, GET A POLICY ON YOUR WIFE I would advise sitting down with an adviser, and have them help educate you on this stuff. If you are recently graduating, I'll almost guaratnee you know at least one person who has started to sell life insurance

Hope that helps some. If you have any other questions, please fire away.