He can't imagine how his wife and two kids would get along without him. Damon Johnson Sr. Purchase life insurance from life insurance to long-term care, one fifth of Americans have found themselves in a situation where they wished they had more insurance. For parents of young children, several policies are especially important. Life insurance is one of them.
Whole life is insurance with an investment component that typically grows over time.
For most, especially young families, term insurance is the way to go. If you become ill, incurable or some other sort of disability, you need to make sure that your family still receives some sort of a paycheck. So disability becomes very, very important. For single parents, it's a must-have. If you're having trouble scraping up enough money to pay the big premiums on the comprehensive policy, at least make sure you have full hospitalization.