Parents should get insured first - News & Observer
Life insurance is usually purchased to replace income for dependents in the event the provider dies before enough wealth is accumulated.
Not one penny should be spent on life insurance for children until the appropriate amount of life insurance is in place for the income provider and the care giver.
The two main types of coverage are Term Life Insurance and Permanent Cash Value Life Insurance such as whole or universal life. As parents, make sure you have enough life insurance. If you don't have an adequate amount and money is an issue, drop the children's policies and put that money toward term life insurance policies on yourselves.
Straight term insurance is pure protection; there is no cash buildup. It's inexpensive because statistics show the odds are, you won't die while you own it. Most term policies end at age 65 or 70.
Though the death of a child is certainly a tragedy, it is usually not a financial loss. Most children don't have a mortgage, car payment, credit card debt or an income.
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