Husband’s motorcycle purchase. What to do about life insurance?

TLDR; Husband is sole breadwinner and needs life insurance before purchasing a motorcycle, and we want to make sure family is taken care of if something happens. Need some suggestions on what and where to purchase.

Edited to add: Husband smokes marijuana daily, but not before driving a vehicle.

My husband is purchasing a motorcycle but is looking to get life insurance first. We have 4 kids under 18: 13, 11, 5, 4. My husband is the sole breadwinner and I am (for now) a stay at home mom. He has a small pension through work with less than $55k in it. I have over $50k in cash in hi-yield savings and CDs (just started investing.)

Debt background:

He has nearly $30k in student loans. We live in my childhood home and my parents and disabled sister live in a mother in law apartment we all built together as part of a “family plan” to help build generational wealth and security. We split the mortgage with my parents for 10 years (8 remaining) and the house becomes ours through legal processes. This is also in their will in case of premature death. In the meantime, we pay $1500/month toward the mortgage. They pay $2000 because of a line of credit we rolled in from my dad borrowing against the house for a past (failed) business. Whatever, we came up with a plan that benefits all and have resolved that burden. The mortgage payment is on a 30 year term with no prepayment penalty, so that is why we pay so much. If something happened to any of us, we could rise out the 30 years at the $1800 per month payment. No other debt.

I told him I think $500k is reasonable in case he accidentally dies because this will help me pay off the house and make sure I can take care of all of these kids. I would be able to create family wealth, which is our plan all along.

Am I being unreasonable with the amount?

Which life insurance company should we be looking at that can cover in case of a motorcycle accident that doesn’t have small print roadblocks for surviving spouse or kids to get full benefit amount?

submitted by /u/aned07
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