There are two basic types of life insurance:
1. Term life insurance costs the least and provides the most life insurance for your money. Term life can provide life insurance for a period of 10, 15, 20, 25 or 30 years.
2. Permanent life insurance provides lifetime coverage and may build up some cash value inside your life insurance policy over time.
Some young families with kids, a home, and on a tight budget may want to consider buying a term life insurance policy for both the mom and dad of the family. A 20 or 30 year term life plan for both parents may provide the protection your family needs, when they need it most, the early years until the kids on grown and out of the house.
Also, you could buy a permanent life insurance plan for the mom and dad of the family to provide money for final expense, such as, the funeral and burial, if you do't have enough saved up.
Keep in mind, life insurance rates increase with your age, so the longer you wait, the higher your life insurance premium.
Also, if your health changes, you may or may not be able to qualify for life insurance coverage. That's why it's a good idea to buy life insurance as soon as you know you have a need, and while you are young and healthy.
Here's how you can learn more about low cost family life insurance and compare plans among highly-rated insurance carriers.