Life Insurance Planning for Family of 4
The classic family of four — two adults and two children — represents the peak coverage need scenario. Both parents working, a mortgage, and two children's futures to protect requires comprehensive coverage planning.
1
Two children adds $300,000-$500,000 in education costs to coverage needs
2
At the family of four stage, coverage of $1M-$2M is common and appropriate
3
Both parents should have independent policies rather than relying on one umbrella
4
Update beneficiaries and coverage amounts as children age and income grows