Thank you all- it looks like we're on the same page.
We definitely want us both insured; although I am the wife as well as the (bigger) breadwinner in this scenario, if either of us chooses to be a stay at home parent there will still be significant costs associated with childcare. We currently live in Canada but my husband is Australian and we do plan to spend some years there. Depending on where we are living at any given point and who hypothetically dies, there could be significant costs to moving the family towards the best support system.
I would like us to have equal policies as we tend to wander between countries and the main breadwinner swaps as we move.
These are the full details regarding the child rider:
- Clients can purchase $10,000 to $20,000 of term insurance on each of their children (including legally adopted children) who are age 18 and under.
- Any other children they may have in the future are automatically insured, and the premium for this benefit does not increase.
- Step-children can be included at the time of application. Clients can include step-children after the benefit is in effect by applying and providing evidence.
- The coverage on each child ends when the child turns 25 or on the policy anniversary nearest the base insured person’s 65th birthday, whichever is earlier.
- With a built-in conversion option, the base insured can buy up to five times more insurance on each child between the ages of 18 and 25, regardless of their future health, occupation or lifestyle.
I really don't think this is necessary; we could absorb the cost of a funeral if need be, so we would essentially be insuring the potential that our children would be uninsurable when the time comes. They offer benefits of $10,000 ($4.05/mth) and $20,000 ($8.10/mth) that could be converted to either $50,000 or $100,000. So, it would basically cost $50-$100/yr x 20 yrs= $1-2k total for unlimited children.
Realistically, if they were only able to be provided with a $50k-$100k benefit if they are considered "uninsurable," at least in theory we should have that kind of bank to provide to their family if they need it in 20+ years.
Decision made! No riders :)