Purchase supplemental life insurance through employer or term policy on open market

It's open enrollment season and for the first time in our lives my wife and I suspect we should probably purchase more than the standard 1x life insurance coverage that our employer provides for free, given we purchased a house this year and neither of us would be able to carry the cost of the mortgage alone long-term. (We have a rainy day fund to cover catastrophic property losses or unemployment) We don't have any kids so I don't want to go crazy just yet, but I want to ensure that we've at least covered the other's share of the mortgage in the event that one of us were to reach an untimely demise, which I suspect is about $500k each. ($810k owed on a $1M house). When we have kids the plan would be to scale up our coverage to cover their long-term financial needs,.

The thing I'm trying to figure out is should I take the supplemental life insurance offered through my employer (at a rate of $0.516/year/$1k in coverage) or hit up the open market for a 20 year term or something similar.

Another variable is in 2021 I had an A-Fib episode, which technically counts as heart disease. That seems to be impacting my ability to even buy a term policy, so I may not have a choice…

submitted by /u/DUNGAROO
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