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We have 20-year term life on him for $750k (will bring us to age 62, costs $54 a month, can be renewed when the term is over), plus there's another 100k through his work, for a total of 850k. That helps me sleep better at night!

Good deal!! Often such policies give you the ability to renew without the need to re-verify insurability. If his policy allows for such, the cost will certainly go up at 62 but that would make insurability at 62/65 a non-issue. You probably don't need as much at 62 either, but such a decision would take more in-depth analysis.
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