Children bring as much joy to a home as they do an entirely new set of responsibilities. Whether you are expecting your first child, have just had your third, or are looking at managing life as a single parent, buying life insurance probably hasn't been at the top of your list. It should be, though. A life insurance policy is the best way to protect your children's financial future. From here forward, the question is no longer if you need life insurance, but rather what kind you need and how much you should buy.
Life Insurance Options
While you may hear several different names, there are really just two types of life insurance products that you'll wish to consider. Term life insurance provides a specified death benefit if you pass away within a set number of years, which is the term of that policy. Permanent life insurance, sometimes called whole or universal life, is a life insurance policy that both provides coverage for your lifetime, and that can serve as an investment tool with its built-up cash value.