While no one wants to think about the possibility of their death, it's something that every new parent needs to face. Here are a few guidelines for finding the right life insurance plan.
- Determine how much money the family would need if the wage earner(s) were to die. Be sure to consider more than just day-to-day expenses. Calculate for mortgage payments, college tuition, etc.
- Compare term and whole life policies. Term insurance is less expensive and insures you only during the years your child is financially dependent on you.
Source: Kiplinger's Personal Finance
All content here, including advice from doctors and other health professionals, should be considered as opinion only. Always seek the direct advice of your own doctor in connection with any questions or issues you may have regarding your own health or the health of others.