What kind of life insurance should we get to make sure our kids are taken care of?
You should get a simple term policy with the amount of coverage that you feel will "take care of" your kids. Do not let someone talk you into a Universal Life policy. They will sell it as an investment, but it is not a good investment vehicle. A term policy will be much cheaper and accomplish the goal of taking care of your kids in case of your demise. | 12.02.15 @ 15:52
I agree. Term can be looked at as temporary insurance for temporary needs, and kids at home will one day leave. How old is your youngest? If 1 year old today, then close to 20 years later that child will not be your financial or legal responsibility. This temporary need is perfectly fit to term coverage of 20 years.
| 12.11.15 @ 19:59
It's going to depend on what you want the coverage to do and how long you have the need. Also life morphs into all sorts of things as time goes by. You may have bought coverage for one need and now that need is taken care of, but a new need pops up.... The kind of coverage is simply going to depend on how you see things shaping up over the time period in question. | 03.05.16 @ 02:47