This article is general education, not individual financial, insurance, legal, or tax advice. Your needs and applicable rules may differ.
Count every contribution
Parents contribute wages and unpaid care. If either parent were absent, survivors might need childcare, transportation, household help, or time away from work.
List the services each adult currently provides.
Match duration to dependency
A newborn’s needs may continue for many years; older dependents or a spouse may need a different timeline. Include debts and the resources already available.
Review whether employer-provided benefits are sufficient and portable.
Keep instructions current
Confirm beneficiaries and discuss guardianship and trusts for minors with an estate attorney. A minor beneficiary can create administrative complications.
Revisit the plan as children and family circumstances change.
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The Complete Life Insurance Guide for Families
