Through work I have 4x my pay. On my own, a Whole Life Policy of just 10k (basically to cover funeral expenses). For my wife, through work I got a 25k, which would be more than enough (belong to a community of churches that own their own cemeteries, so costs are not inflated).
Been thinking about getting another Term Life policy for my self for 50-100k. My insurance company on the Whole Life recently offered another 15k in coverage for another $50 a month, but I may just put that money into a S&P Index fund.
And yes, I'm GenX as well, looking to retire in about roughly ten years. 401k is well funded, and have a pension from a previous company and three more years at my current one, I'll have another pension.
So there are sources of income for my wife and two properties paid off she would inherit. Not to mention a friend of mine and I have agreed to help each other in case our wives become widowed (he owns a couple of small apartment buildings, he would put her in one of them rent free and let her use the money she gets from me for her enjoyment, if he went, I would help manage the properties as it frustrates his wife to no end at times and doesn't always make the right financial decisions).
If you have a Group Insurance policy through work, get on it for the maximum. Its cheap and usually subsidized. If not, I believe AAA has a Group Policy you can get, so get a membership (card often provides discounts for entertainment, restaurants, hotels, etc. so much so, I wouldn't even bother with an AARP membership, plus free towing). So that's a cheap option as well.
If you want a policy that is more investment driven, a Whole or Universal Life policy will work. Covers you to a certain age, then once it reaches maturity, you get the value of it (in my case 10k at 65...which I'll drop into and index fund).
Also keep in mind, funerals can be costly. Its in the interest of funeral homes to offer lots of services and up sell you. So make hard choices now, do you really need that nice metal awesome looking casket that you will only use once? My grandfather paid for his in advance and it was a very cheap one, his point, why waste the money when it could go to my grandkids. And some places that bury you, be sure you read the terms and conditions, sometimes they only intern you for a certain amount of time. Then dig you up and put someone else there.
Of course there is also cremation and some coffins that bio-degrade you at an accelerated rate. Depending on where you go, a headstone may also be in order. Most are simple and inflated price wise at certain cemeteries. At our community, they are more expensive and larger as your internment is considered permanent, but there are preferred companies that they use which offer a discount.
And there is no shortage of companies willing to offer Term Life (policies that offer insurance at a fixed rate for 10, 15, 20 etc. years), only catch there is once you hit the Term date, usually in your old age, if they keep you on, its at a much higher premium. But if you put enough away for retirement and "just in case", shouldn't be a problem.
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