[Sylvanfan]

I would say look at a term policy. Basically you need more now than you will 20 years from now, or at least your needs will differ. Also only enough to cover debts may not be enough depending on what your spouse does work wise. You still need to consider future child care, maybe enough to help send your child/children to college. I know for myself with a lousy sub 6 figure income, I would have a tough time saving anything trying to support more than one child even without any debts. So if you are in an unbalanced earning situation....the one making 75 grand a year will need extra money when their regular CP spouse who makes 200k croaks.

At least you won't have to worry about jhunt taking your wife when you die. He'll want nothing to do with a woman who gave birth to a freakin house.