It is obvious that the main bread earner of a family should be covered under life insurance, but did you know that it is important that other members of the household be covered as well? Term life insurance is a great option for certain members of a family when protection is only needed for a certain amount of time. Here is a little bit of information on who should be covered under term life insurance.

What is term life insurance?

As its name implies, term insurance covers a person for a predetermined term or period of time. It may be for 5, 10, 15, 20 years or even longer depending on the need. Premium costs are determined by age and other factors. You can even get term insurance no exam if you want limited coverage without having to undergo a physical exam. Other than the breadwinner, here are members of a household who should be covered as well.

Spouse

Even if a spouse does not earn an income from an outside source, a stay-at-home parent performs tasks that would be costly to replace should the unthinkable happen. If a non-wage earning spouse passes away, the surviving spouse will face new costs such as child care and house cleaning that can cause a substantial strain on the family budget. In a dual income household, losing one income earner would mean a significant change of lifestyle or even an inability to pay bills unless the deceased partner has adequate life insurance coverage.

Children

Getting children a term life insurance policy until they are self-supporting makes good fiscal sense. They don’t need as much as their parents, but carrying a limited amount on them is wise. Burial costs for a deceased child can be as high as $10,000 or more, which is an additional stress grieving parents could do without.

When shopping for life insurance for yourself, take the time to consider who else in your family should be covered: it’s a decision that can bring great peace of mind.