1. Term Life On Both Of You
The general rule of thumb is a multiple of their salary (ex: 10x salary)
I'm not a fan
Better way: (the yearly spending your family would need replaced) x (the number years until your kid is 23) + mortgage balance
Example: $120,000 x 20 + $400,000 = $2.8 million of 20 or 30 year term
And the lower earning spouse needs a policy too
If they're gone, someone has to get paid to do what they were doing