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Yes, me and DH both do!
Ours was based off what it would cost to continue living if the other died - our Financial Planner gave us the number and we have Whole Life Policy thru him and then our jobs give us some.

I have way less than DH - I think its 300K - DH is close to 1 million - we have 2 houses and if he died I would need to be able to cover mortgages and bills and daycare and everything!

@Adira: yes you can change the policy! We get notices from the company (I think its Monumental?) saying we are eligible for a change - remember as you get older the costs go up so buy as much as you can afford now.

@Adira: get one! Ours has been so invaluable. He set up my IRA fund too.

We've change my husbands policy once, when I was pregnant with C. His plan was much less before! We kept my policy the same because it's mature and has cash value already, plus it pays for itself.

But yes, you can change it. We plan on increasing both f ours when bambino comes.

My mom is a State Farm Agent, so of course our life insurance is through them. My parents gifted all of their children with life insurance and also to their grandchildren. DS and my niece have life insurance that's already been paid for.

DH and I both have bought additional life insurance. My mom always tell me, the amount of life insurance you decide to buy really depends on how much you can afford on a monthly basis. Both dh and I have whole life plans, but there are term plans that are much more affordable.

@Adira: being a grow up is so overwhelming, right?! It's not as tough as it sounds to take care of it though, and X is lucky to have parents who take such good care to provide for him!

DH and I both have policies through our employers. They are enough to basically pay off our mortgage and other debt so that the surviving parent would only really be responsible for monthly bills like utilities and daycare.

We also have a policy for LO. Got forbid something should happen, this policy would pay for funeral expenses and allow for some time off of work.

We both have life insurance (basic and supplemental) through our employers.

We have enough to pay off our mortgages and have some breathing room, but not tons of coverage.

You can increase your coverage amount, but of course, your premium will likely increase as well. Amounts over 50k are also considered taxable income per the IRS, so if say you have 500k through your employer, your W-2 will reflect a higher total wage at the end of the year than if you just have 50k (or less) of coverage. It's not a huge amount (we're talking like *maybe* a couple hundred dollars a year, depending on your age and coverage amount), but just another thing to keep in mind that you do need to claim it as income on your taxes.

We both do, through my husband's employer. I don't remember the exact amounts though. I think my husband's is twice his yearly salary. Mine was the maximum we could have for spouses, which I think is 50k. I thought we should maybe get me a secondary policy to increase my amount, but my husband didn't feel it was necessary (and he's the one it would primarily affect!). Honestly he'd be more okay than I would if I died vs. if he died. He makes more than I do and he also has far less debt (I have a ton of student loan debt) and he also carries all our benefits. If he passed away I'd really be up a creek because he makes less and I'd still have all my student loans and I'd also lose my health care!

We go through Thrivent and we each have 20 year term policies. I think mine is $25/mo and his is $18/mo or so, for coverage that is about 5.5 years' worth of each of our salaries. That should provide enough to pay off any (future) mortgage we take, any loans, let the other one take additional time off work to cope, and stock $$ away for the LOs and future needs.

As long as any big debts are paid off in full, and there is enough to cover our immediate needs (a year or two), from there the survivor would make our new plan (any children would be receiving SS, we may not need to own that house forever if we move out or eventually remarry, so that equity would come back to the surviving spouse, etc).

We'll also look at adding another term policy for each of us in about 10 years, once we're done having kids, so we can guarantee a buffer for them through college.

@jhd: Yay, Dave. That's why we went in.

Yes, our financial planner set it up when we got pregnant with C. Mine is super cheap, and my husband's is much more expensive due to diabetes. I can't remember how much they are for, our financial planner took into account all of our expenses. We had multiple ones make bids and chose the best one, which turned out to be Minnesota Life.

Our financial planner doesn't cost us anything, they get paid through the companies we invest with. I highly recommend getting one!!

We have mortgage insurance. Basically, if one of us dies, the house gets paid off. The dumb thing about this is our rate stays the same ($19 bi weekly) but the amount we would get keeps shrinking as we pay off the house.

DH also has quite a good policy through work.. I think it is 1.5 times his salary or something, so a few hundred thousand.

We need to change from the mortgage insurance to regular life insurance soon though. Probably for about $500,000.

@Mrs. Champagne: Mortgage insurance is the biggest scam out there!! Get out now! lol!

DH and I both have life and critical illness insurance. I'm pretty sure we each have $500k in live and $250k in CI. Neither of our life policies are permanent, but our CI's are.

We both have life insurance thorugh our jobs for 2 times our salaries I think. That money would pay off a good portion of our mortgage for either one of us. I also have a small one for my daughter that I get through work. Very morbid, but I had a brother who passed away at the age of 4 and my parents have always had policies for us kids so I wanted to do the same. It's cheap, like $30 a year, and the benefit would be enough to cover burial costs, god forbid.

We probably do need to look at things more closely and bump those limits. I can get additional limits through work but that requires a physical so I've been putting it off.

My hubby and I both carry Long Term Disability though, in addition to short term coverage.

One thing to think about when you're talking amounts, just paying off the mortgage and burial costs might not be enough. DH and I had a long discussion about how long it would take either of us to feel ready to go back to work after losing a spouse. We accounted for 6ish months of living expenses, that way if I needed to take a leave from work to get my life in order I wouln't be stressed about money.