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Should We Insure Both of Us on Our New Term Life Insurance Policy?
Is it important for both of us to be insured on the new term life insurance policy we are going to get? It is certainly something to consider because if either one of us were to die there will be financial implications for the family and in particular for continuing to raise our children as best as possible.
I will be quitting work soon to have our first baby and raise a family. We have spent quite a bit of time planning out this time in our life. One of the discussion points recently was whether we should insure just my husband or whether we should insure both of us. We pretty much view our term insurance policy as an address to losing the family breadwinner and the sole income provider. We know there is a risk having only one of us responsible for all of the family's income. So coverage on him is a pretty straight forward decision and easy to rationalize why we need it. But if I was to die it would cost money to have someone take on my duties as caregiver for the children. So from that point of view there are financial setbacks to my death that life insurance would handle. It may not be the same category of impact as losing my husband but it is not zero impact.
The biggest reason we are going with term life insurance as opposed to whole life or one of the many variations of those two insurance types is because term insurance is the cheapest monthly payment for the highest coverage. So budget concerns are probably why we have opted no just stick with coverage on him only. I did go through the drill of getting term life insurance quotes on me and found it interesting that it was a bit cheaper to cover me. But in the end we decided covering him met our goal of having a safety net in place for our kids to cover the risk of losing our family's income provider due to death.
