Create a Total Family Life Insurance Plan in 3 Steps – Get your quote in 5 minutes

If you have reached that level in life when you look after both your children and your parents, you are part of what is known as the "sandwich generation". While this time it can be filled with joy and excitement as you watch your kids grow up and see your parents settle into their grandparent roles, it can also be a challenge. In addition to managing everyone's care, you are probably burdened with many financial responsibilities.
When it comes to life insurance, you may want to consider a plan that covers the whole family. Here's what you should know to protect everyone under your care.
1. Cover the cost of your primary caregiver
Your family's primary caregiver may not be compensated in cash, but the care they provide and the activities they do at home are of great value, especially if your family includes more than two children, children with special needs, adults. disabled or elderly family members.
This value should be protected in your family's life insurance coverage. Salary.com estimated the value of a home mom's duties in 2016 at $ 143,000 per year. Even when the primary caregiver brings a paycheck home, the value of their uncompensated care and services is high.
It is important to determine the costs you would pay to a professional caregiver if you or your spouse unexpectedly dies. Make sure that life insurance coverage reflects these costs.
2. Don't forget about coverage for your kids
Nobody wants to think about losing a child, but it can happen. In this case, the funeral costs and the final expenses can be in thousands. Unless you have cash for these costs, the death of an uninsured child can have long-term effects on a family's finances.
You may also be able to purchase a life insurance policy that you can transfer to your child to maintain it after he turned 21.
3. Make sure older parents have coverage
Making sure that your elderly parents or other adults under your care have adequate life insurance coverage is paramount. Final expenses can give a financial blow to your family's family budget if you are not prepared, in addition to the emotional burden of pain. Evaluate your parents' current life insurance plan to see if it provides adequate coverage. If not, you may need to consider additional life insurance coverage.
Life insurance can protect your whole family: follow these steps to protect everyone's financial future.