$1* Buys $100,000
Globe Life Insurance
Free Quote—Apply in Minutes
Fast Approval Process
$2.17 for Children or Grandchildren
Buying Life Insurance for the Whole Family
Life insurance is a must for virtually everyone, and if you have a family, you know how important life insurance is for the financial wellbeing of your loved ones in the event of your death. But what about life insurance for your spouse? For your children? If you want to purchase life insurance for them, there are several things to consider.
First of all, you should purchase life insurance for your spouse even if you are the primary breadwinner. If your spouse should die, you would need to consider final and funeral expenses, and other costs associated with his or her passing (like childcare, house care, etc.). You may also want to consider life insurance for your children to cover costs like their final and funeral expenses or to ensure their future insurability.
According to ValuePenguin, you have different options if you want to purchase life insurance for your family, and “the primary decision you have to make is whether you want your family covered under one life insurance policy or multiples policies.”1 ValuePenguin notes that if you purchase a joint life insurance policy for you and your spouse, you can often save money, but this type of policy is usually only permanent coverage; and if you decide to purchase life insurance for your children, you need to decide if it’s best they have their own policy or be added on as a rider to your policy.
When you’re thinking about buying life insurance for your family, you should consider why it’s important to your family’s future. NerdWallet points out that when you get married, you’re often adding more expenses, your spouse could be responsible for your debts if you were to die, and life insurance costs more the longer you wait to get it.2
If you have children and want to buy life insurance for them, The Balance tells us you typically have two options to do so: “Through a Universal or Whole Life Insurance Policy with the built-in tax-sheltered savings that can be transferred to the child’s name when they become adults” or “by adding a child rider or endorsement to the parent's term life insurance.”3
If you’re considering buying life insurance for your family, you should speak with a financial advisor or a licensed insurance agent to determine what would be best for you and your loved ones. You have options of buying separate policies or a family policy, and the reasons you need life insurance and your own personal and financial circumstances will help your advisor or agent aid you in determining what the best option is for you.
2. NerdWallet, Life Insurance for Married Couples, 2016, https://www.nerdwallet.com/blog/insurance/life-insurance-for-married-couples/
3. The Balance, Life Insurance for Your Children: How Does It Work? Do You Need It?, 2019, https://www.thebalance.com/life-insurance-options-for-your-children-4156728
You might also be interested in...
- 10 Signs You May Not Be Drinking Enough Water
- 8 Signs You May Not Be Getting Enough Magnesium
- About Life Insurance
- Do You Really Need Life Insurance?
- Does Divorce Spell The End Of A Happy Childhood
- Globe Life is Rated A (Excellent)
- Health Symptoms You Should Never Ignore
- History of Life Insurance
- Home Cough Remedies
- How High Should Your SPF Be
- How To Be Responsible About Life Insurance
- Is Eating Organic Really Safer?
- Is White Vinegar A Safe Cleaning Agent?
- Planning Your Family For An Emergency Evacuation
- The Difference Between Power Of Attorney And A Living Will
- Reconsider Getting a Life Insurance Policy
- Setting Goals For Your Employees
- Skills that Make Bosses Want to Hire You
- The Importance of Life Insurance
- The Importance of Term Life Insurance
- Is It Time To Review Your Life Insurance Policy?
- Tips On How To Prevent E.coli
- Too Busy to Stay Healthy?
- What Is COPD And How You Can Prevent It?
- What is Term Life Insurance?
- When Insurance Becomes an Investment
- Choosing Whole Life Vs Term Life Insurance
- Why You Should Look Into Term Life Insurance
- Making Your Home Senior-Friendly
- Is Whooping Cough Making A Comeback
- Unusual Tricks To Reduce The Risk Of Heart Disease
- The Best First Aid Kit Everyone Should Have
- Beware Of Dangerous Mold
- 5 Things You Should Know About Thyroid Health
- What Your Eyes Reveal About Your Health
- Everyday Things That Can Cause Memory Loss
- How To Discuss Life Insurance With Your Spouse
- Why That Cold Won’t Go Away
- 5 Ways To Keep A Healthy Smile
- How Dangerous Is Sugar?
- 5 Warning Signs To Change Healthcare Providers
- Simple Secrets To Conquer Flu Season
- The Hidden Bad Side Of Everyday Foods
- How To Avoid The Scams That Tricked So Many
- Six Foods That May Reduce Stroke Risk
- Empty Nesters: Don’t Ditch Life Insurance Until You Consider This
- How Does Accidental Death Insurance Work?
- 4 Tips To Improve Your Credit Score
- 6 Tech Devices You Need For Family Safety
- Public Transportation Safety Tips
- Is Globe Life Insurance Reliable?
- Hazards in the Kitchen: What You Do Every Day that Puts You at Risk for a Serious Accident
- Surviving a Snake Bite
- Is Globe Life Insurance Term or Whole Life?
- The Top 4 Leading Causes of Death for People Older Than 50 and How to Avoid Them
- Nine Eye-Opening Stats That Will Make You Rethink Texting and Driving
- Risks of Dying from Cancer
- What are the Odds of Dying While Taking a Selfie?
- Can I Get an Accidental Death Quote Online?
- Buying Life Insurance for the Whole Family
- What You Need to Know Before Buying Term Life Insurance
- Advantages and Disadvantages of Getting Life Insurance without a Medical Exam
- A New Year's Resolution You Can Keep: Buy Life Insurance