How Many Family Life Insurance Policies Should We Buy?

Life insurance and health insurance for family are similar, but different. For one thing, every single family member should be covered by health insurance. That isn’t true for family life insurance. In the majority of cases, young children won’t need a significant, if any, amount of life insurance.

Why? Remember that a family life insurance plan is intended to protect against the financial impact of a death. It allows the rest of the family to support themselves after one member is gone. A child probably isn’t bringing in any income to the household, so buying an extensive policy for him or her doesn’t make much sense.

The family members in need of life insurance are the breadwinners. If both parents work, both should have policies–the face values of which should depend on their income level and debts. On the other hand, you may buy life insurance coverage for just one spouse if only one parent works outside of the home. However, you may want to consider buying life insurance for the stay-at-home parent as well, because they provide essential housekeeping and childcare duties that would otherwise have to be hired out for money.

Just like family health insurance, the monthly premiums must fit your budget.

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