If you have young children, and you are not independently wealthy, you must get a big term life insurance policy.
If you died tomorrow, would your spouse and children be able to make ends meet comfortably, or would they have to scrape and claw their way?
If you have young children, chances are term life insurance will not cost you very much because you are relatively young and healthy. You should call your financial advisor and find out what it would cost to protect your family. I typically recommend both spouses get insurance for at least 7 times annual income.
Unfortunately, I’ve seen parents die in their thirties or forties. Families that had life insurance had no financial problems. Families that didn’t, had to face a huge struggle to make ends meet. Life insurance can’t bring mommy or daddy back, but it will eliminate the financial suffering.
When I give talks on estate planning, I tell the audience that parents with young children that do not have life insurance are committing parental malpractice. Yikes!
Hopefully you will buy a 20 year term life insurance policy and outlive the term. In which case, you will look back and say it was a bad investment. But unless you have super hero powers to see the future, it is a necessary investment and part of being a responsible parent and spouse.
DISCLAIMER. We do not sell life insurance. But we do care about you and your family.