Who Should I Cover With
Life Insurance?

Spouses, Children, and Other Loved Ones Should Be Considered in Helping Secure Your Family’s Financial Future with Life Insurance

When choosing Term Life Insurance, you should consider whom to cover. Obviously, the primary breadwinner of the family should be covered, but it's wise to protect against the loss of income that both earners provide.

Surviving spouses who would have to take on the financial burden of paying mortgages, car or school loans and other costs may be included as beneficiaries. Children who will be in college during the term of the policy may have their college costs covered. Based on your individual financial situation, there may be other factors you would like to consider in taking out a term life insurance policy.

Additionally, consider life insurance coverage for a spouse that does not contribute financially, but cares for children or elderly parents in the home. For example, the loss of a stay at home parent could create large childcare costs which could be replaced with life insurance benefits.