Family Life Insurance Coverage

Life Insurance Policies On Each Member

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There once was a policy called family life insurance. It was one policy on the husband and father with riders giving coverage to the wife and small policies on each child. Not much of that is done anymore, you would need to buy separate policies on each member of the family today.

Today's portfolio would go something like this. You would buy the largest policy on the biggest earner, whether it be the wife or husband. A proportionate policy would be purchased on the spouse.

As for the children all you really need is a policy to pay funeral expenses in the event of the death of the child. Since this costs between $5,000 and $10,000 most people buy no life insurance on the children at all.

You can really use any type of policy depending on your ability to pay. Many buyers use term life insurance. Most people like non par whole life on the adults in the family or combination plans, term combined with whole life, as coverage may be needed for a very long period of time. Universal life insurance can also do a good job.

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