Checking to see if we are on the right path.
I’m a 35m and my wife is a 38f with 2 daughters ages 11 and 7. I make roughly 250k/year and my wife makes roughly 35k/year. We have around 200k in total debt the majority being the mortgage. We have 175k in an investment account, I have 60k in my Roth IRA, my wife has 20k in her Roth IRA, and i have around 215k in my 401k that is 75% Roth. I have 21k in my HSA as well that we max out every year. I just want to make sure we are over insured, under insured, or just right. The VUL policies are all invested 80/20 stock to bond with 10% of the bonds in high yield bonds. We have the following life insurance in-force.
AIG/Corebridge
30 year term for wife with 500,000 death benefit expires 2049 and is convertible until expiration
20 year term for myself with 750,000 death benefit expires 2039 and convertible until expiration
VUL with 250,000 death benefit and 12,000 in cash value started in 2020 for me adding up to the MEC limit every year
Prudential
265,000 increasing death benefit on wife with 15,000 in cash value
100,000 VUL with death benefit for 11 year old with 880 in cash value currently adding the max allowable up to MEC limit
100,000 VUL with death benefit for 7 year old with 595 in cash value adding max allowable up to MEC limit
Nationwide
Care matters II for myself with LTC inflation rider 10 pay started in 2023 done paying for in 2033 16k/month LTC benefit for 4 years at age 80 with 60k death benefit
Care matters II for wife with LTC inflation rider 10 pay started in 2023 done paying in 2033 15k/month LTC benefit for 4 years at age 80 with 60k death benefit
Group term
My employer uses met life for our group term and hers uses Lincoln.
2,000,000 death benefit for me I pay for with 380,000 and 100,000 death benefits I don’t have to pay for through my employer
100,000 death benefit for wife through my employer
25,000/child through my employer
150,000 death benefit on me through wife’s employer
50,000 on wife through her employer