What kind of plan should I get?

There are so many options out there, and I’d really like to make the best choice for our family.

Husband (38m) is our sole income. I (36f) am a SAHM to our only child (4m). We are all in good health. Husband makes around $125k/year. His job provides a pension which will allow him to retire comfortably at 62, but he won’t be vested until 2034. We also have retirement accounts with a combined ~$160k, and our only debt is our mortgage and one car loan which is around $270k combined. We also have about $150k between liquid assets and home equity.

Here’s what we want: -A large policy on him that could cover ~10 years of income, pay off our debt, cover his funeral expenses, and help fund our son’s college education. We’ve estimated around $1.5m for that policy. -A smaller policy on me to help cover some childcare costs and my funeral expenses. We would get a lot of help from family living nearby, so I wouldn’t need a huge policy. Our child is in free Pre-K and will attend public school. Estimating $150k. -A small policy (or add-on) for about $15k to cover funeral expenses if—God forbid—something ever happened to him

I really don’t know what the best option would be for us. One agent we’ve spoken to is really pushing an ROP term policy, but I feel like that increase in premiums would be better off invested with us. We get good returns on our money market account, and it would be a shame to just have that tied up earning us nothing if we both outlive our policies.

Leaning towards simple 30yr term life policies, but wanna make sure that’s the best option. For what it’s worth, I’ve requested quotes from State Farm and Ethos, and they’re pretty comparable.

Advice? TIA!

submitted by /u/ChristinaG0813
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