Life insurance provides income for your dependents—children and possibly a spouse—if you die. You may have policies through your employer; if you do, make sure your beneficiaries are up-to-date.
We have always suggested each spouse purchase a policy. Whether or not one is employed, the surviving spouse will need to take on the responsibilities and expenses of the household.
Take the time to estimate your total household costs carefully, including costs of raising children, children’s education costs, large debts, future income,
Before choosing a policy, research the differences between Term and Permanent (Whole Life) policy types.