otional and stressful time. 

Term Life Insurance is the Way to Go Because It’s Cheaper 

While term life insurance is typically cheaper than permanent life insurance, the two types of policies should be considered based on the needs of your family. With a term policy, you pay a monthly premium for a predetermined term—usually 10, 20 or 30 years—and benefits are only paid if the policyholder dies within that term. With a permanent policy, your coverage lasts the duration of your life, so long as you continue paying your premiums. While a single individual may prefer term coverage, a family may benefit more from permanent coverage. Everyone’s needs are different. 

Only a Wage-Earning Spouse Needs Life Insurance 

While life insurance covers the monetary loss of a wage-earning spouse, stay-at-home spouses provide value to the household as well. For instance, if a stay-at-home mother were to pass away, the working father would then be responsible for cooking, cleaning and childcare. What he may take for granted on a daily basis may become a large expense after the wife’s passing. Not to mention, the grief of losing a spouse may require therapy and/or time off work. Therefore, it’s wise to consider life insurance for both spouses.