Purchasing life insurance is an easy way to gain security and peace of mind that your loved ones will be taken care of if you pass away. Life insurance can help your family cover a wide range of expenses, including funeral costs, lost income, childcare and education, debts, mortgage payments and more. If you want your family to have ongoing financial support in the event of your death, you may opt for a family life insurance policy, which distributes the death benefit in monthly installments rather than a lump sum. In this article, we’ll walk you through how family life insurance works and how it can protect the most important people in your life.
How does family life insurance work?
While some life insurance companies offer all-in-one family insurance plans, individual plans tailored to your specific needs (or your family member’s needs) could actually pay off more in the long run both financially and in regards to coverage. Life insurance isn’t only for the breadwinner of the family, either. All members of your family should be considered when shopping for family life insurance coverage.
Family life insurance replaces the income your household loses when you pass away, distributing a certain amount monthly rather than as a lump sum. In the event of your death, your family will be left with both short- and long-term financial obligations, like funeral costs, bills, loan payments and everyday household expenses. Family life insurance can help your family meet these needs so they won’t have to struggle financially when you’re gone.
Life Insurance for You and Your Spouse
No matter if you’re a stay-at-home parent or work full-time, life insurance is one of the easiest ways to ensure your family is protected should something happen to you. One of the most affordable types of life insurance coverage is term life insurance, which covers you for the specific term (typically anywhere from 10-30 years). At SelectQuote, we can help both you and your spouse find the right coverage for you, tailored to not only meet your individual needs but also the needs of your family.
Life Insurance for Children
While not as common as other policies, you do have the option to purchase life insurance for your child. Even if there isn’t necessarily a pressing need to buy life insurance coverage for your child, there are a few instances where you may consider it. Life insurance for children could:
Protect a child’s later insurability: Getting life insurance for your child when they’re young may set them up for greater coverage later in life.
Serve as a savings account: If you choose a permanent life insurance policy, it will have a cash value component that grows over time. This can serve as a savings account for your child’s future.
Cover the costs of potential funeral expenses: Just as life insurance can cover funeral costs when an adult passes away, it can cover end-of-life costs in the untimely event of your child’s passing.
Give financial stability to parents who have lost a child: Navigating the loss of a child is unthinkable, but having life insurance to help you meet your financial needs can make things easier during a painful time.
Looking to protect your family? Let SelectQuote help you find the right insurance for your needs.
Life insurance can help you protect what matters most: your family. At SelectQuote, we can help you find the right family life insurance policy for your situation. We’ll quickly and easily search highly trusted carriers, comparing quotes on your behalf to find coverage that meets your needs and budget. And we can do this all in just minutes, saving you time so you can get back to your family.
