We are brand new Mustachians trying to turn things around after years of bad choices. I've been devouring the blog. My specific question at this moment is about life insurance, since we are in our annual period of open enrollment for benefits through DH's work. We have a negative net worth (mostly due to $100k in student loans), that would be a positive 50k net worth (401ks and equity) if student loans were not present. Hope to have them forgiven via Public Service Loan Forgiveness within 5 years, and also to have amassed a lot more savings by then.
Husband is in law enforcement. We are both about 40 and have 5 kids. I work PT and am a SaHM. We currently have term life insurance both through his job and through an independent agent. Which should I cancel, which should I keep, if any? and how much should I keep? I had purchased both originally to get to the 5-7x annual salary figure I heard somewhere, but I understand now that idea is very un-MMM. The insurance is cheaper through his work, but if he were to lose his job for some reason (say an injury and subsequent disability), it would then be much more expensive to get independent insurance (he'd be older and also have a health condition). I think I understand MMM's view on life insurance. Once we have 6 figures in the bank it will be different, but for now it seems like a good purchase, although Mustachians may be able to provide a point of view I don't yet have.