Life insurance can be complicated, with so many words like "Riders" and "term" and "variable". If you have a family, there are even more things to worry about, such as coverage for your children and spouse. Luckily, once you understand the basics, it becomes much easier to decide on a family life insurance plan that is best for you and your loved ones. Summary Different types of life insurance that families can buy Life insurance for families Permanent life insurance for families Buy life insurance for a child Family life insurance FAQ 5 Tips for finding the best life insurance family life Finding the best life insurance for your family Let's start with one of the most common questions we ask ourselves when it comes to life insurance: different types of life insurance that families can buy When you decide to take out a & Life insurance, you have two main types: life insurance and permanent. Within these two categories there are sub-categories. Below we will cover what you need to know about life and permanent insurance, so that we can make an informed decision for you and your family. limited financial needs. Basically, anyone who wants coverage for specific financial needs they currently have, which you won't have forever. This includes things like a mortgage or other debt. Take this policy in a "term" which is a specific period of time. After this period of time, the policy expires and there is no longer any coverage. So if you take a ten year term to cover the remaining ten years you have on a mortgage and survive that term, you will have paid for ten years and will no longer have coverage. Types of term life insurance most common types of term life insurance that a family could buy. Renewable term life insurance Renewable term life insurance is a policy that allows you to renew on expiry. So if you take a ten year term to cover your current mortgage and survive it, you can renew the coverage later. Typically, it is renewed every year. 2. Convertible term life insurance A convertible term life insurance policy is one that allows you to convert into a permanent policy once it has expired. With this, you may want limited financial protection for your loved ones, but then you may want a new permanent policy for yourself. 3. Decreasing term life insurance A decreasing term life insurance policy decreases coverage over the life. This is ideal for people who want a longer term policy but will have reduced financial needs over the years. For example: you may need $ 250,000 in coverage for your mortgage and $ 50,000 in car debt and $ 100,000 more for your kids. But then, as we get older, cars are paid off, the mortgage dropped to just $ 150,000 and the kids are out of the house. In the end, you now only need $ 150,000 of coverage. A descending plan gives you just that. 4. Increasing term life insurance This policy is the opposite of the option above. In this case, you may know that your financial needs will increase, perhaps because your health is decreasing and you will have more medical expenses or perhaps because you want to create a family and soon you will have children that you need to protect, or maybe you have divorced now and you need food. and childcare debts. In any case, this product allows you to increase coverage over time. Pros of term life insurance You can choose a certain amount of coverage like 10 years, 20 years or 30 years according to your financial needs. This means choosing a period of time that matches your financial obligations. You can choose from small to large coverage amounts, with smaller premiums. Rewards are much cheaper than permanent policies. Term Life Insurance Accounts When it expires, you no longer have coverage. You will be older and your health may have changed, which means that getting a new policy will cost you more. You lose all the money you paid in the plan if you survive it, unless you purchase a return of the Premium Term Policy Permanent life insurance for families Permanent life insurance is available in several types and is less common for families to buy term life insurance. With that said, there are scenarios where permanent life insurance makes sense to you and your family. Types of Permanent Life Insurance Permanent life insurance is a form of permanent coverage, coverage that lasts for the rest of your life. 1. Whole life insurance Life insurance policies have fixed premiums, which means they never change. There is also a cash value that accumulates money over time. If you wish, you can apply for a loan for this cash value. There are also many ways to pay your premiums such as single payment slips in which you pay everything upfront or payments for fixed years where you pay for ten years. Your beneficiaries only review the face value, not the cash value at the time of death. 2. Universal life insurance Universal life insurance offers more flexibility with premiums and death benefits. You have to keep paying the minimum premium over the course of a year, so if you earn an extra one month's cash value you can use it to pay a significant portion of the annual premium, then skip payments in a few months before paying the rest. There is a cash value component and it is possible to change the coverage as the financial needs change. 3. Variable life insurance Variable coverage gives you the opportunity to enter the cash value you earn in an investment account managed by the insurance company. This means that you can potentially earn more money than you can put on your rewards or tap into the total death benefit that your family receives. Of course, if your investments perform poorly, you may lose that money too. Pros of permanent life insurance You can get lifetime coverage without the need to get another policy Your policy cannot change as long as premiums are paid, which means that regardless of what changes to the your health or age happens, you still get a benefit in case of death the cash value that accumulates over time and spends it for whatever you choose Cons of Permanent Life Insurance The premiums will be higher than the term policies These policies may not be necessary for most peopleBuy life insurance for a child Many people who seek life insurance for their child are not sure if it is the right decision. There is a lot to consider since children have a long life ahead. Usually, you can get a cheap rate. However, there are sometimes better investments that you can make as a parent to protect your child. Life insurance for children is the same as the above policies, but they are taken out for your child. Typically you can take them as an aspect of your existing plan, which means that it is much cheaper and gives you money in case your kids die unexpectedly. Theoretically, this money could help offset burial or funeral costs. Whole or universal life insurance for children These are permanent plans that many people think are great because of the cash value they earn. However, if you get a policy for your child, they will not earn enough cash to guarantee coverage costs until they reach adulthood. That money could be better invested elsewhere. Frequently Asked Questions About Family Life Insurance Below are the most frequently asked questions about Family Life Insurance. Should you buy life insurance for your spouse or partner? If you want life insurance protection for your spouse, it will be less expensive for you to simply find a policy that has the spousal driver and that allows you to cover two people under the same plan. Should you buy life insurance for your kids? Taking out life insurance for children as a new and individual plan is not always the best option in and of itself because it usually expires when they turn 18. It is financially better to take out a policy for yourself with sufficient coverage to provide for your children and / or to find a policy with children's riders where you can add coverage for your children for a nominal annual fee. You are probably the one with financial obligations and on whom others depend, not your children. Should you buy life insurance for yourself? You should buy life insurance if you need it. You may need to have debt, make family members depend on you, know that you will need final expense coverage, need a way to equally provide inheritance to your children, or want to provide money to offset property taxes. Who has the best life insurance policy for families? The "best" life insurance policy will be based on your needs. If you are a smoker, if you are suffering from pathologies, if you want support for your spouse and / or your children, you will find that the companies that offer all this will be very similar. Key differences exist in their subscription. For example: State Farm is one of the best life insurance companies for older male smokers. If you are not an older male smoker, then another company may be better suited to your needs. Can you take out someone's life insurance policy without his knowledge? To take out a life insurance policy, the person to be covered must give their consent and, above all, have to undergo a medical examination. What is Family Term Life Insurance? Family term life insurance is offered by some companies such as New York Life and State Farm and serves as coverage for a client, spouse and children. You can take out a single policy but set up limited coverage for other family members. 5 tips to find the best family life insurance When you decide to choose a life insurance policy for your family, it is important to do the following: 1. Determine your financial needs This means understanding how much coverage you want, what debt you have and what you want your politics to do for you. For example: do you want your policy to provide the spouse with an indemnity in the event of death, an indemnity in the event of death sufficient to cover the burial costs? Do you want the same, but with enough coverage to give them money for the debts you leave behind and childcare? Do you want to give them enough money to permanently replace your lost income? If so, how much earnings and how much coverage is enough? 2. Know your policy in detail before buying. Discover the fine print in your policy. The last thing you want to buy in a binding agreement just to make the coverage you wanted for your children cannot be converted to another policy once you turn 18, or the plan you will have will require more exams doctors than I thought. 3. Verification of the liquidation report The liquidation report will tell you how likely a company is to determine your death benefit and how quickly they do it. You don't want a company with a lot of fine print that blows up your beneficiaries for years before paying. Reviewing the reputation of the life insurance company Not all companies are created equal. Some have been around much longer than others, but there are many considerations you want to evaluate. Their reputation, their customer service, their cyclists, their long-term costs versus short-term costs, their financial position and more. 5. Talk to a professional life insurance expert. The best way to make sure you get the coverage you need for your family is to talk to a professional. Third-party brokers can provide you with expert and impartial advice based on your situation. Remember: each situation is different, which is why talking about things with a professional will reveal which options you have in particular, not generally only based on your age or gender. Finding the Best Life Insurance for Your Family When it comes to finding the best family life insurance policy, there is never a lot of research that seems to be enough. With so many life insurance companies, policies and rates It is essential that you work with an independent life insurance agent who works with dozens of the best life insurance companies for families to make sure you are comparing as many policies as possible. Our agents are ready to help you understand your policy options to get the best decision for you and your family. Call us today to speak with one of our agents or start using our quick and easy online life insurance quote tool below. in all 50 states and in the District of Columbia. Spectrum Insurance Group has helped thousands of people purchase life insurance online and over the phone. All content on this site has been written by life insurance experts and authorized life insurance agents.