Novato, CA -Contact a Local Agent to Discuss Life Insurance Policies for Families

Do you want to know about life insurance policies for families? Continue reading to learn more!

Life insurance provides a considerable benefit in terms of financial security for your family. It helps you prepare for the uncertainties of life and provides you with peace of mind knowing that your family will have financial help if something were to happen to you.

If you are the breadwinner of the household, you should be sure you have enough life insurance coverage to help your family at least pay the bills when you are gone. Even if you are not the primary breadwinner, life insurance can be a great source of help for your family.

1. Life Insurance with Spouse
If you share responsibilities with your spouse, then their death would also financially impact your household, which means that both of you should have life insurance. Even if your partner stays at home and doesn’t bring in an income, they likely provide childcare and other services you would have to pay someone else to do if they die.

2. Life Insurance for Children 
A small lump-sum death benefit in case of a child’s death can help parents pay for funeral expenses or enable them to take time off work to grieve. You don’t need to buy a million-dollar life insurance policy, but a small death benefit of a few thousand dollars might be worth considering.

There are two ways to buy life insurance for children. You can either purchase a child rider on your term life insurance policy, or you can buy a specialized child life insurance policy.

· Child riders on your term life insurance policy

They are additions to a parent’s policy and are relatively cheap. Adding a single child rider will cover all of the children in your household, unlike a child life insurance policy, which operates on a per-child basis. If you decide in the future that your child needs his or her insurance policy, you can convert your child term rider into a child life insurance policy.

· Child life insurance policies 

They are just whole insurance policies (a type of permanent life insurance) for children and more expensive than adding a child rider to your own policy.

3. Life Insurance for Parents
You technically can’t buy life insurance for your parents unless you can prove insurable interest — which means that you would financially suffer in the event of your parents’ death. This could include any loans your parents have co-signed or if a parent helps with childcare.

However, your parents to apply for their policies and pay the premiums for them. They would own the policy and name you as a beneficiary.

· Burial insurance

Even if your parents don’t currently provide you with any financial assistance, you can get coverage to pay for their end-of-life expenses by purchasing final expense insurance. This type of permanent insurance can cover funeral costs and ease a parent’s death’s financial burden. Final expense insurance is a lot easier to buy for your parents than a generic permanent life insurance policy. Once you have their approval, you can calculate the policy’s costs, choose the beneficiaries, and pay the policy premiums. 

Get in touch with us today if you want to get more information on your family’s life insurance policies.