What is the basic purpose of life insurance? To protect your dependents or loved ones by providing financial support for them in case the unthinkable happens to you. Who needs that support the most? Your children.

It is extremely important for parents to ensure that their children are adequately covered in the case of the death of one or both parents. This applies to dual income households, one-income households, or single parents; every parent needs life insurance to help provide for their children. Plus, adequate life insurance coverage can bring you peace of mind knowing that you are being proactive and taking care of all the possibilities.

Dual Income Households
If you and your spouse both work to support yourselves and your children, would one salary be enough to cover all your expenses? Consider these factors when assessing your life insurance needs:

• College education for your children
• Your children’s health costs, now and in the future. This is especially important to consider if only one parent’s employer provides health insurance for the family. Would the newly single parent be able to cover these costs?
• The kind of lifestyle you want to provide for your family. Will their quality of living go down significantly if you were to exit their lives?
• Any mortgage or rental payments you make each month, plus taxes, homeowner’s insurance, etc.
• Any other debt (credit cards, car payments) you and your spouse may have
• Your parents, or your spouse’s parents, who may eventually become financially dependent on you

Single-Income Households, Two Parents
If you are the sole breadwinner in the household, think of how much would change overnight if you were to pass away. Your spouse, who hasn't been working up until now, or at least recently, would have to quickly find a job to take care of the household and children, and this may take time. Also, their salary may be a lot lower than what you were making, at least at first. If you own a home, the surviving parent will have to pay the mortgage on their own, or may possibly have to sell the house, but still must find a place for he/she and the children to live. It is especially important to carry sufficient life insurance coverage if you are the sole breadwinner in the family.

Single-Income Households, One Parent
If something were to happen to you, would your children have somewhere to go where they would be adequately provided for? And if so, would that person (whether or not it is your ex-spouse) be able to support himself/herself as well as the children? It is so important for a single parent to cover himself or herself with a good life insurance policy. The lives of your children would change overnight if something were to happen to you, and you need the peace of mind of knowing that they will be taken care of.

Households With No Children (Yet)
If you are married but have no children yet, it is still important to think about whether your spouse would be able to cover all costs if you were to pass away, especially if you own property or have large debts to pay off. If you do eventually decide to have children, try to remember to reevaluate your life insurance needs before your children are born, that way the father is insured in case anything were to happen to the mother in childbirth, and you will both be covered if anything were to happen to either of you as your children grow up.

Conclusion
It is so important to make sure your children will be taken care of if something were to happen to either parent. Your dependants count on you for financial support, and you want to be able to give that to them even in the horrible event that anything happened to you. Provide yourself with peace of mind by making sure your life insurance coverage is sufficient for your family's unique needs.

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