Any advice on my life insurance quandary?

My thanks to all those who left comments. You overwhelming agreed that I should take out a life insurance policy on my husband. According to quickquote.com I can take out a 15 year term policy for $265 and a 20 year term policy for $350. At that low rate I think it would be foolish not to proceed with life insurance.

Yes, I think you should buy a term life insurance policy for him to cover the mortgages. A $500,000 15-year policy for a 30-year old male is only about $200 a year if he's healthy and never smoked. You are not trying to get rich on his unexpected death -- just to cover the expenses.

He absolutely needs insurance, because if something were to happen to him you'd have to find a way to keep paying both mortgages or sell at least one house while you were bereaved. The only time a member of a young childless couple doesn't need insurance is when his/her income is low enough that it won't cause a financial hardship for the surviving spouse.

At the very least, I think you should get adequate coverage to pay off your mortgages in full.

The fact that you can't get health insurance means that, as you know, you could end up paying a LOT of money for health emergencies. If you have the second house completely paid off, then you could sell it and cover even exorbitant medical costs, and could continue to live in the first without worry.

I feel it makes more sense to take out a life insurance on hubby when you guys have children. Just my thoughts