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What kind of life insurance do we need? and what is a good life insurance company to buy from?

My husband and I are 28 years old, have three children and plan to have one more child in the near future. We live in Virginia (DC area). His annual earnings are about $70k; I also work part time earning annually about $35k. We currently have life insurance through our employers, but we want to get policies on our own. Can anyone recommend a good company to go with and a type of policy that we should get?

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2. Try esurance.com or SelectQuote or Intelliquote. They' ve been around a long time and use major companies. (I am a financial planner who has used this web site for comparison shopping, I don't sell products but I have to know about them.) You both need personal insurance, not just job-related insurance, if your family depends on both your incomes. Rule of thumb: divide your annual salary by 0.04 or 0.05 and round up; that's the amount of insurance you need (we call this"quick and dirty"). For your husband, about $1.5 million, for you, about half that. you need to create a large enough pool of money that you could continue your same lifestyle without having to sell your home. You would also need a nanny if either of you died. You could compare the costs of 20 and 30 year level term. Our theory is that by your 50's, you should have MONEY and won't need so much insurance. You could drop it or reduce the face amount at that time. Get a lot of life insurance while you're still in good health, esp. with 4 children. The above doesn't even include any money for college. So it's not too much, rather too little if anything. Good companies: State Farm is excellent. I would start there.