How much life insurance should our son have? He is 35 years old, married, and has one child. He earns $75,000 per year. An advisor has told him that he needs $1 million in term insurance at a cost of $800 per year (from AIG). This seems like too much insurance to me. I would appreciate your expert opinion.
Thank you,

Terry Says:

Frankly, this is a discussion he should have with his wife — not his father!  That is, unless you have agreed to provide college funding for your grandchild, as well as summer camp, braces, and perhaps a car at graduation!  And, of course, that assume you are prepared to keep paying his mortgage at least for the next 20 years.  These are all responsibilities that would fall to his wife if he were not around.

I think $1 million in life insurance is not unreasonable these days.  But I would check for the best deal on term life insurance, assuming he is in good health at

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