Life insurance is something many don’t think of until they have kids or debt. But when you have a two-income household that is dependent on both incomes, it can create worry. Below is a simple life insurance solution that could work for many.

The Story

When I started my career I was fortunate enough to be steered to joining the local financial planning association. I was also fortunate enough to join the board and rub elbows with some of the more influential advisors in the area. On one occasion I was giving a talk with an estate planning attorney when someone posed the question – what do you think is enough life insurance? I was ready to launch into my thoughts on analysis and covering debt and income when the attorney said if they’re young and their 30s, buy $1 million worth of term insurance on the breadwinner and be done with it. 

Later, after our talk, I asked him if that’s what he really recommended. He said look Rich if they get a $1 million term policy, they’re set. And term may seem expensive, but it’s not. You pay about the same amount to insure your car. 

My Story

Fast forward  4 years and my son Tyler was born. I was 33, and I’d just started my company. I was by no means the breadwinner. Thank you wifey! But I was determined to be. So my bride and I bought a 30-year term policy on me for $1 million. Since then, I haven’t worried about her replacing my income.

The Simple Life Insurance Solution

My simple life insurance solution is for couples in their 30s to get 30-year term policies for $1 million life insurance. If you’re in your 40s, you can get a 20-year term. And if you’re in your 50s, a 10-year term might do. I try to time the term to when retirement or financial independence is met. If you still have debt, you can tie it to that term ending too. But the key is to get the policy while you’re young, lock in the low rates, and focus your worry on paying down debt or saving more money.


Life insurance doesn’t have to be complicated. It just has to make you comfortable with any risks you might have around debt or income. Term insurance is the least expensive way to go and can free up money to save elsewhere. So when you’re looking for life insurance, consider this simple life insurance solution.

Rich Feight, CFP
Rich Feight, CFP

Hi, I'm Rich Feight I'm a fee-only Certified Financial Planner, successful business owner, and self-made millionaire that knows how to beat the system and become wealthy. I have a lot of clients that have done it too. I'm also pretty good at finding that ever-elusive work/life balance so many of us strive for. Lucky for you I have an abundant mindset and give all my knowledge away on my blog. So if you want to know what it takes to become a millionaire, follow me.