Does Your Family Need Life Insurance?

This is a bit of a trick question.
There is no such thing as a life insurance policy for your family.
Your family doesn’t need life insurance, you need life insurance because you have a family.
A life insurance policy is only sold individually to one person at a time.
Meaning you and your spouse would need to each buy your own separate policy.
What Type of Life Insurance Should I Buy for My Family?
Listen, this question can be loaded many different ways but really only comes down to one unpleasant result.
Your life insurance is meant to keep things as normal as possible if you die before you or your family are ready.
Let’s be honest, you and your family are probably never ready for that to happen.
But, your goal is to have enough life insurance, to allow for that to happen.
The most practical and affordable option is likely term life insurance. This type of insurance is going to be the answer to that question nine times out of 10.
The other types of life insurance you might also come across are Whole and Universal Life insurance.
Because you are just at the beginning stages of understanding your life insurance options, we are going to focus the majority of this conversation on term life insurance.
We can come back later and see if it makes sense to mix in one of the other options.