How much life insurance do you have?

This is the first time that I have seen it in terms of "debt coverage".
Typically, it is in terms of annual income (2 times. Or 4 times. Or 10 times).

Why do the insurance people suggest that you have more (other than that is how they commission)?

1.5m in term life on me and about $500k on wife, and $3m umbrella…LI will term out in early 50s and will not extend…we are pretty much self insured already with $2.4m NW.

Only debt we have is $165k mortgage

$2M on me, split in 2 term policies. One terms out at 55, another at 63.

$250k on wife.

The money should be allocated for a purpose.

Income replacement most often (for child rearing, debt management, unfunded retirement).

10x or 15x doesn't mean anything to anyone.

Find your purpose for the money and go to that amount. You dont need to overthink it.

There is a 98% chance that you dont die during the policy term.

You have kids?

Who do yall generally trust to make sure each policy is paid upon your own death? You being the one planning, though not there to follow through with it all

Basic non-elective with our plan at work, which is 2x annual earnings.

Nothing outside of that.

We each have about 2.8 million. Which is right under 10x our salary.

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10x or 15x doesn't mean anything to anyone

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It means the surviving spouse does not have to go get married again for 10-15 years just to replace your income while raising children. Having another man/woman raising your children only because they can replace your income happens a lot when people underfund their death. And the children are worse off for it.

I have around $5 million. Two of the policies (about half) will expire in about 10 years. By that time expenses will go down drastically, so the amount of life insurance needed will also go down.

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There is a 98% chance that you dont die during the policy term.

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Unfortunately I was one of the 2% that collected on my wife's term policy. We had about 10x income for each spouse when we started the term roughly around the birth of our second child. My wife's income exploded soon after and she was the major bread winner in our household. I suggested more coverage later and she said OK as long as my policy matched hers. I was too cheap to policy match. Should have listened to her, my payout could have been a lot more. I'd give it all back if she could be still here though.

ETA: My term ran out a couple of years ago and I did not renew. My estate is large enough now my two boys would be fine if I kicked it soon.