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Purchasing life insurance for family is a good financial planning idea. However, it can be very confusing because life insurance for family can come in several different forms.
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A few carriers offer life insurance for family as a total package wrapped up in one overall policy with one parent as the primary insured and the other parent and children covered with term riders.
You must be careful with this type of plan. If the primary insured dies, the beneficiaries will indeed receive the proceeds of the primary insured's coverage. However, depending upon the company, the term riders on the other parent and the children will end...leaving them all without coverage.
The remaining family members, particularly the remaining parent, are left scrambling around for new coverage at an older age and a higher premium. What if the parent's health has deteriorated since the old policy was taken out? He or she might not be able to buy new coverage.
We recommend that you purchase your life insurance for family as separate policies in order to maintain coverage even after the death of one family member. If money is tight, you should at least have separate policies on the parents. You can add term riders in small face amounts on the kids.
Should you not have funds to spend on life insurance for family, we recommend that each parent have some permanent coverage that stays in force even if you live to age 100 and that you supplement that with temporary term coverage until the kids are out of college.
Only after you have completed coverages for the parents should you consider child life insurance on a permanent basis. Permanent coverage is a wonderful gift for your children so that they don't need to go through the planning hassles that you are experiencing.
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Licensed to sell life insurance for family in:
Ohio License #104233, Florida License #D072714, California License #0C94325,
Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin
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