Assuming that whole life insurance is a little too expensive now because you're not young (Have kids) then yeah, you're going for term life insurance which you pay each year as a just in case for peace of mind. Enough to cover mortgage is good, but I'd recommend enough to cover all debt (ie: credit card, LOC, vehicle loan etc.) plus a float of around $25-50K.
Whole life you're basically betting on yourself to live a long time and thus you'll pay far less for a multiples rate of return over a longer period of time because you get to keep a bunch of the value you're paying.
Term life you're basically betting against yourself, but in the sense that in case you're wrong and you do not live past the next calendar year, your family doesn't both you and a source of income. But everything you pay expires after a year has passed.
Do not put a child under age of 18 as beneficiary to an insurance payout. Most insurance places will do this by default. But even in this day and age, the stories of someone having their young kids as beneficiaries locking up the pay out is inexplicably high. (Basically it won't pay out until they're of age, and the surviving spouse doesn't have the ability to get access to it to raise the family before or after they reach the appropriate age).
Critical illness and disability is a nice to have, but not as a standalone product IMO. It's worth it if it's heavily discounted, which you typically can get if you get multiple products from an insurance provider. (ie: Life insurance, travel insurance, disability/critical illness, health insurance/health spending etc.). This obviously makes a little more sense if there are multiple individuals in a company, but I do not know if it's good "value" if you are the sole employee of a company.
If you truly want stand alone critical illness and disability though, I think some banks or credit cards offer this, but I don't think it typically exceeds a potential 30-60 days of lost wages payout.
IIRC, I remember a presentation where it said a lot of people who are self employed will only go for term life insurance during their years with the highest debt load and irreplaceable levels of earnings vs life stage situation. That's usually around 8-15 years of time. This often also meant that there was some discussion about funding your own rainy day fund/whole life insurance in tandem with term life insurance vs doing all self funded rainy day fund or full whole life insurance. It was also mentioned about temporarily "topping up" your term life insurance if you debt went up from what it was previously (ie: Bigger home, bigger mortgage, starting a business and taking out loans etc.) until you felt comfortable you had the assets necessary to not need as much life insurance.
But yeah, talk to a broker and figure out the best options and mixture for your specific situation.
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