If I buy the life insurance for the family, does the insurance only cover my kids until they turn 18 years old?
Life insurance provides coverage for an individual's life. So, if you want to buy life insurance for the entire family, you can buy life insurance on yourself, and add a rider for a limited amount of life insurance on your spouse and kids.
However, you will want to review those options with your life insurance agent as to how long the coverage lasts on your policy for your kids and spouse.
Another option is to buy individual life insurance plans for you, your spouse, and each of your children. That way, when your child reaches adulthood, they can add coverage to their policy, and they are guaranteed life insurance as an adult, even if they develop health issues.
The lowest cost life insurance for families is term life insurance. Level term life plans may provide coverage for up to 20 or 30 years, until your children are raised and out of the house.
Make sure you consider an individual policy for you and your spouse, as it would cost quite a bit of money to replace the efforts of your spouse, even if he/she stays at home, and does not earn an income.
A 20 or 30 year level term life insurance policy for you and your spouse may provide the financial security your family needs, and fit your budget.
Learn more about low cost family life insurance and how you can compare plans online.