Mid 30 couple with 2 toddlers finally looking into term life insurance. Sorry. We already have 500K saved up, FI date is about 15 years out with a projected amount of 2M in today’s money. We are planning to take out a 20 year term life insurance for both of us to ensure we do hit the 2M FI in 15 years even if one passes away, as well as our kids are generationally taken care of. For us, that requires my wife take out a 500K policy and I take a 1M policy.
In my greed crunching the numbers, I realize if we simply take out a 1.5M plan instead, the living spouse immediately hits FI. To pay for that, we are talking about an extra $100 / month, or 2 meals out, or a few streaming services plus popcorn money, etc.
Am I stupid to be ‘greedy’? Am I stupid not being greedy? It’s midnight, the kids will be awake in 5 hours and I’ve been circling this thought for too long. Somebody smarter than me please suggest the even better option I’m not thinking about . Thank you.
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