re: Life insurance questions

The only thing I'd disagree with is the advice to get a 20 year policy. I'd tell you to strongly consider the 30 year (to age 59) and not the 20 year. At age 49 you will likely have a lot more risk than you do even now. You also will be at your peak earning years. By age 59, you will hopefully have less debt and higher wealth along with less familial responsibility as you are just starting your family now (kids in High School at age 49). Lock in that extra 10 years as the premium amount at age 29 will be a reasonable difference. Shopping for a half million dollar policy at age 49 when you take a couple of medications and are 20 lbs overweight can be a real shocker. And of course that doesn't even take into consideration if you have a serious illness that renders you an unacceptable risk and makes you uninsurable.