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No reason for term beyond what work gives you, think investment and look at variable life
Welcome to the country.
I have a well priced 30-yr Term with AIG (through my financial advisor, so some bulk-factors at play). Definitely shop around.
I obviously haven't had to redeem the policy, but their underwriting was easy and the nurse came to my house for the blood draw. Other than that I make my payments monthly and call it good.
My recommendation will be 20 years. It all depends on how old are your kids, what liabilities you want to model for. I went with Penn Mutual (and a total of about $5m). They seem to be good. 42 is a good age to start but below 40 would have gotten you the best rates….
Suggest you buy based on financial strength rating of carrier, customer service ratings, and then price.
You can google ratings. Am best is a good spice for ratings. Consumer reports for cust service ratings. Pricing not likely to be searchable online.
You might want to give yourself some flexibility. Some companies allow you to convert from term to variable life without any additional testing.
How much are folks paying monthly for $3m more or less over 20’tear term?
It will depend on your age and health. It will be different for everyone
Try Policygenius.com. It’s a consolidator website
SBLI had the most straight forward policy when I signed up 15 years ago in a similar place. Happily, I have no idea how they deal with paying out, but the admin has been fine.