Parents raising children probably need more insurance coverage than a single person. The more obligations you have, the more you will want to make sure that those obligations are paid in the event of your premature death. In general, most financial planners recommend that you have between five to seven times your annual earnings in life insurance coverage. There are basically two types of insurance, term and permanent plans. Term is usually less expensive initially, has no cash value and has payments which increase as you grow older.
Term insurance is ideal for covering short-term needs of ten years or less.
Permanent insurance gives you insurance protection for the rest of your life or if you are interested in using a certificate to accumulate some money for the future. Cash value certificates cost more and take a couple of years before they really start building some value. There are several reasons we recommend immediate action. Right now you are the youngest you will ever be. Another consideration is your health.