We recommend a life insurance term of 15-20 years. We believe that within 15-20 years of following the Baby Steps, you should be at a point where your family has built enough wealth to sustain themselves without a life insurance policy (what we call "self-insurance").
It is okay to consider a 30-year term when you are young and starting your family since it allows more time for you to accomplish these goals – as long as the additional cost doesn’t put too much strain on your budget. As you get older, a 10-year term will likely work if you have eliminated debt but are still working on growing your savings to make sure your family’s financial lifestyle would not be drastically impacted by your death.
The coverage you should carry may vary by what you can currently afford, but we recommend 10-12 times your income. This amount is generally a safe bet, as it will allow your family to keep up their current lifestyle, pay any debts, fund their emergency and savings accounts, etc.
We recommend getting term life insurance through our RamseyTrusted® provider, Zander Insurance. Here is the link to their website, and you can reach them at 800-356-4282.