Life Insurance Planning for Family of 3
A family of three, typically two parents and one child, needs coverage that ensures both parents are protected and the child's upbringing and education are financially secured.
1
Primary earner needs 10-12x income coverage to support the family through the child's independence
2
Secondary earner or stay-at-home parent also needs coverage for childcare replacement value
3
Include one child's estimated education costs ($80,000-$200,000) in your coverage calculation
4
Review coverage after second child arrival or significant income changes