Let’s first focus on Life insurance for your spouse or partner. To start, figure out who your dependents are and what your shared financial responsibilities are—like debt, mortgage payments, and college costs.  Add to that the non-financial responsibilities that you’d need to pay for in your partner’s absence—like childcare, food preparation, and lawn care.

While your children may not be the breadwinners, covering them at an early age may help secure affordable premiums and protect their insurability.  And, worst-case scenario, Life insurance benefits would help cover their funeral expenses, if ever needed.

If your parents help with household expenses, you may want to consider coverage for them. And, if these same parents also contribute to the care of your children, that’s even more reason to make sure they’re insured.  At the very least, you should have some insurance for your parents’ final expenses. The median cost of a funeral today is $7,848¹ and the predicted cost of a funeral in the future is more than double that.

¹ National Funeral Directors Association, April 2022.