Protect your family's future and ensure your children are provided for.
As a parent, your family depends on you for far more than just a paycheck. You provide housing, food, childcare, transportation, education planning, and emotional support. If you were to pass away unexpectedly, life insurance replaces your financial contribution so your family can maintain their quality of life.
A common rule of thumb is 10–15x your annual income, but a better approach is to add up what your family would actually need:
Stay-at-home parents need coverage too. Replacing the childcare, household management, and other unpaid labor a stay-at-home parent provides could cost $40,000–$60,000+ per year. A policy of $250,000–$500,000 is often appropriate.
For most parents, term life insurance is the right choice because it aligns with your biggest financial obligations — which are temporary:
Every year you wait, premiums increase by 5–8% on average. A healthy 30-year-old might pay $25/month for a 20-year, $500,000 term policy. That same policy at age 40 could cost $40+/month. Lock in your rate while you're young and healthy.
Generally, no. Life insurance is designed to replace income and protect against financial loss — not to serve as an investment for children. The money is better spent on a college savings plan or increasing your own coverage.
Buy coverage that accounts for your future family plans. It's easier and cheaper to buy enough coverage now than to add more later. Aim for the high end of what you might need.