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Family life insurance is a financial planning tool and a product that will help you secure your family’s future.

If you have decided that now is the time to take action, finding the best policy or combination of policies is crucial. You will need to decide not only what type of insurance is practical, but also how much insurance you need and who you will cover on each plan.

Contrary to popular belief, you should buy coverage on more than just the bread winner of the family.

Here is your guide to buying family life insurance and what to consider as you start to compare family life quotes.

Use the FREE quote tool at the top of this page to start comparing rates instantly!

Who really needs life insurance in the family?

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There is a common misconception that only family members who earn an income have a need for coverage.

While the need for life insurance may be greater on someone who earns a salary that pays the bills, the need for coverage exists for others in the household as well.

You must understand how each member of the household contributes and how their absence can affect the way the household runs to determine whether or not it is appropriate to buy life insurance on each piece of the puzzle.

Wage-Earning Spouses

When you are married, even when you do not yet have children, you should have life insurance on the wage earning spouse at a minimum.

Marriage unites two people, and when one spouse survives and the other spouse passes away, they must find a way to survive without an income that they relied on to pay the bills. This is true regardless of whether or not the other spouse is employed or earns a living on their own.

Just imagine how difficult it would be for the person that you love to pay the mortgage, the rent, the light bills or other expenses with the money that you contribute.

Married Partners With Children

If you are employed and you have children, your need for life insurance is even greater. The income that you earn not only goes to pay for housing costs and routine bills, it also goes to food, diapers, clothing and all of the costs associated with having a child.

Children can be expensive, and without your income paying for childcare, entertainment and the essentials can be a stretch. This is why the amount of insurance you need will proportionately grow as you add more dependents to the household.

Stay-at-Home Spouses and Parents

Stay-at-home members of the household contribute in a different way than those who leave the home to work. While they do not necessarily bring home a paycheck, they do take care of the household.

They have a replacement value in a unique kind of way. In homes where there are no children, stay-at-home spouses need coverage to pay for final expenses at a minimum.

In addition, you may want protection to pay for housekeeping or cooking services so that you can enjoy the same quality of life if you were to lose the person in charge of the home.

Stay-at-home parents are responsible for child rearing. You can never replace a parent, but you can make coping with a loss much easier when you do not have all of the responsibilities of work and the home on your shoulders without any help.

Stay-at-home parents should carry life insurance to pay for the financial contributions that they make in the form of back-breaking labor. The value may be hard to calculate, but there is no denying that the value is there.

Children and Teens in the Family

family life insurance quotesNo one ever wants to think about the possibility of losing a child, and this is why many do not discuss buying life insurance on their children. While it is a sensitive subject, there are reasons why having life insurance on your children can be beneficial in the future.

Individuals must medically qualify to buy most life insurance plans, but typically children do not need to.

With very little work, you can cover a child while they are young and purchase a plan that automatically renews even if they have conditions later in life.

This secures their ability to have insurance no matter what happens in their adult years.

Permanent life insurance is also a great tool for parents who want to put money away for their children and earn interest in the process.

Parents with Adult Children

Just because the dependents are out of the home and you are in a situation where the mortgage is paid off does not mean the need for life insurance is gone. In this situation, you have to consider how your spouse will pay for daily costs.

Will social security and retirement funds be enough to maintain your spouse’s lifestyle? While the amount of coverage needed is less, there is still a need.

Adult Children With Aging Parents

If your parent has become dependent on you to care for them in their old age, you have a need for life insurance.

You may pay for their long-term care, provide them with a room to live in, or help them with the daily tasks of living. Their own survival is dependent on your financial support and presence. Life insurance can help to care for your elderly parents after you die.

What To Consider When You Are Choosing Family Life Insurance

Now that you understand who you should consider covering, you will need to decide how much life insurance you need and what type of plan is ideal.

Choosing the right amount of coverage can be extremely difficult, but before you can even settle on an amount you will need to choose the right type of plan with the best riders that will offer your family added protection.

Here is a breakdown of the types of insurance you can choose from along with the riders that will provide added protection for family members:

When To Buy Term Life

Term life insurance is the most common type of family life insurance offered today. In fact, most agents will offer term insurance quotes first so that you can see just how affordable life insurance can be.

Policy Rates for Life InsuranceAs the more affordable option, term life is often chosen to meet temporary needs.

If your mortgage will be paid off in 15 years, your children will be out of college in 20 years, or you will not need replacement income in 30 years, a term plan may be right for you.

If you have decided that affordability is the most important factor when you buy coverage, you will need to choose the right type of term insurance.

A renewable annual term offers level premiums for just one year, making it a risky choice when you need protection for 10, 20, or 30 years.

Guaranteed premium plans with level death benefits are best when you want security and you want to know how much you will pay every month.

There is also a decreasing term, where the death benefit decreases as you age because your obligations decrease.

This is only an option when you know that your financial burdens will go down.

When to Buy Permanent Life

Permanent life insurance is a bit more complex because it is not just life insurance; it is also a financial tool that have an investment component separate from the insurance itself. Permanent insurance policies include Whole Life, Universal Life and Variable Life.

When you pay for insurance, you are paying for premiums and also to invest in a cash account that will earn either variable or guaranteed interest.

The policy will last for the remainder of your life as long as it is funded.

If your obligations will never go away, you should consider buying at least a small permanent plan. If you are considering the idea of building a savings for your child, permanent life is also the best option because it has a benefit and also accrues interest.

You will need to decide which type of cash value plan is best for your family and budget by researching how the premiums are charged by each company you are considering.

Riders to Add for Family Protection

If you want to insure your spouse or children, there is a possibility that you can buy protection on your own primary plan. Here are some riders to consider:

  • Children’s Rider: Provides added protection for children
  • Spouse Rider: Provides a specified amount of coverage or listed spouse
  • Guaranteed Renewable: Allows child/spouse to renew even if they are not healthy
  • Disability: Pays premiums when you are disabled

The best way to get family life insurance quotes is to use a rate comparison tool online. This tool will give you instant access to rate quotes through multiple insurers with a good industry reputation.

Decide which plan and riders that you want, and start comparing quotes and pricing now. Use our FREE quote comparison tool to get started today!

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