Life Insurance - too much? One policy or two? Best way to gain multiple quotes?

Not enough info... any debt? wife work? how much does she make? how old are kids? what would be the purpose of two policies? why 30 years? how old are you? in good health?

Just don't let anyone talk you into anything besides term. Finding quotes is easy. Don't go to a captive agent (NY Life, NWM, SF, etc).

For some reason it was cheaper and I had less scrutiny by getting 2 policies for 750K than it was to get 1 policy for 1.5 mill.

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I did a ladder policy for myself. $2M for 30 years and $1M for 20 years. Assumes self insurance of $1M after 20 years and optionality to reduce the $2M policy to a smaller amount in out years without needing to apply for a new policy. Net | $3M coverage for next 20 years, $2M for 10 years after that. My wife also has a $1M policy in case I need to step away if something happened to he

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What company ?

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Just don't let anyone talk you into anything besides term. Finding quotes is easy. Don't go to a captive agent (NY Life, NWM, SF, etc).

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The fact that you think people should avoid some of the best life insurance companies in the country because there is a chance someone may be interested in something besides term life is completely insane.

OP, definitely consider term first before considering other products. But don’t listen to this dude about what company to use.

Personally if you have kids already born and you are reasonable with money I'm not sure why you would get a 30 year. I say kids already born because in 30 years they will be...30. Does your wife really need life insurance in 30 years? Nothing wrong with it, I just feel like its a waste of money. Maybe get a $250k policy for say 40 years just so she gets a little extra if you pass away early?

I always revert back to the old saying that "insurance is to pay for unexpected events you can't affod". If your wife can't afford something in 25-30 years from now, I'd argue you really are making poor decisions elsewhere.

The biggest issue with getting a 30 year term instead of a 15 is you are paying more for it. Maybe not much, but more nonetheless.

Getting a 30 year and reducing the amount over time is a solid idea though.

You are right.

But...

How much are you worth 25 years from now?

How many people are striving for a well off retirement?
Because if you are, then you are hoarding money into your retirement as you are making more money per year.

Not many people plan to retire at 60 and travel but then plan to put less into their retirement account in their 50s.

As you said... insurance is for things you can't afford.
If your life plans end in your 40s or at 50, then sure. Get a 15 to 20 year life insurance plan together.

Personally, the older I get, the more my wife and I want to do in our 50s and 60s.
I don't mind her and my kids doing it without me.

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If you die at 50, your wife's plans just got 50% cheaper. Airfare for 2 just turned into airfare for one.

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Yeah.
Airfare for 6 just turned into airfare for 5.
And the one paying for it is dead.
Kind of the point of the life insurance...

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If you spend more on insurance, that gives you less to spend on life. People are going to argue its not much yada yada, sure.

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The worst life insurance policy is the one that doesn't pay when you die (i.e. it was too expensive and cancelled early).

That said... I don't think you really see the premium to coverage proposition for term insurance. You get a heckuva lot for a very little.

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But, I think its also a motivator for both of you to plan now so that in 15-20 years you don't need life insurance. If anything ever happened once that 15 years is up, you are all set.

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Human nature.
Plans always get bigger.
Hardly ever do they get smaller.
The amount of 25 year olds who will want for less at 40 and 45 years old is slim pickings. And those slim pickings aren't the types with multiple children by the way.

If I was single and no kids at 46 years old, I might be retired right now.
Married with 4, I'm looking at beachfront trips, mountain cabin trips, road trip for concert trips. Continue those habits right into grandparenthood.
A 40 year policy purchased in my late 20s would have been perfect.

You can always surrender a policy 1 or 2 years early if you are worried about "spending money" with the family at an advanced age.
But that's when the policy is the most valuable (the cost was locked in at a young age and the benefit to the family is significantly more likely).

Cheers, man.

I don't mind agreeing to disagree.

The point was about human nature.
How many homes does a person buy in their lifetime?
Are they like the Jeffersons? Moving up?
How many cars does a person buy in their lifetime?
Are they buying a nicer car in their 50s than 30s?
Talk to me about vacations.
Same trip in the late 50s as taken at 30 years old?

My entire post was about laddering. 20 years with $2M. Another 20 years with $1M.
Most of the big income producing years are in the past. But the biggest income years would actually be at that very present when the 20 year expires.

Dropping down to $250k when that probably wouldn't even replace a years salary 20 years from now due to inflation doesn't play well into the human nature aspect for someone in their late 40s.

Saving that extra $15/month isn't going to be the difference between being "set" at 45 or not.

Does your work provide life insurance, something like 2.5x salary? If job is stable and you plan to stay there a long time, I would factor that in. I got a 1.5 M 30 year policy at age 35, knowing house paid for and kids out of college by age 65. If you’re 25, a 1 million dollar ten year policy is probably dirt cheap. If that young, probably stagger policies to coincide with where you think you 401k will be at different years. Assuming no debt except a house.

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I just think that most people that are capable of and execute laddering life insurance are likely capable of planning to be financially independent in 20 years.

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"Capable of and executing laddering life insurance"?

It isn't a complicated tax strategy.
You choose option A and option B and then pay the premiums.
It is term insurance for Christ's sakes. I've seen them sell it at a kiosk in Wal Mart. You are way overthinking it.

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would disagree its $15/ month, its probably closer to $60-100 for most people for that additional $1 mil which is $1200/ year. If you are making $200k plus that's not a lot, but for your avg upper middle class guy making $80-120k that's a good chunk

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I disagree with your numbers (I looked at them).
But the notion that $1k/yr is going to lead to financial independence for an $80k/yr wage earner after 20 years is kind of why I keep replying to you.
You are off your rocker on this one.

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ETA; I also think having the additional time and money spent gives people the excuse to kick the can and not get serious. Don't upgrade houses you don't need to, don't buy the new truck every 3 years wait for 10 years, don't buy the new boat you don't need. Get debt free and build some wealth first, then do those things. Then if you die, your wife and kids are well off with or without insurance.

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You are fixated on one very specific scenario and I don't know who that one person is.
"If you don't need to"?
Who are you talking to and what does that mean?
I've only bought 2 houses in my lifetime. The 2nd was 40% larger than the 1st. I didn't need to do anything and I still paid off the current home early.
My wife's vehicles prices have escalated from $12k to $18k to $22k to $34k. It has never been a "need" to upscale. But you are fooling yourself if people who work hard "and earn more with age" are going to stick with the same vehicles they were buying at 25 years old.

We are officially debt free this month (last payment on her vehicle).
You seem foreign to the notion that your income producing years has value. Even when you are debt free.

I'm not pitching permanent insurance. I'm not pitching whole or universal life. This is term coverage. Your push back at the value of term insurance at an advanced age (and purchased while young and healthy) is completely foreign to me. You are focused on some individual whom I've never met (saving $1k/yr at $80k-$120k income is going to be the difference in financial independence 20 years from now).