Help Desk FAQ

Life insurance


Should all family members have their own life insurance policy?

Life insurance is designed to replace a deceased person's income for those who depend on it. It can also be needed to cover the cost of a spouse's unpaid contribution to the household that would now cost money—for example, the cost of child care if a stay-at-home parent dies and the working parent has to hire someone to care for the child(ren) while he or she continues to work.

Consider how much each spouse contributes to the family's support, and how much it would cost to replace that financial or non-financial contribution. There are many online articles and calculators to help you figure out how much coverage you need, including NerdWallet's

Children don't need life insurance, unless they are supporting you. There are better options for saving and investing, such as regular automatic deposits to your savings account, money market funds, mutual funds or stocks and bonds.




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