Part of financial planning includes life insurance, especially when it comes to the family. While you may have heard of individual and spousal plans for life insurance, there is also family life insurance, in which your whole family is covered in the case of death.

While it can be a relief to have everything in one place, you’ll want to be sure a family life insurance policy fits everyone in your family and can grow with you as time goes on. Below are a few tips for getting life insurance for your loved ones:

1. Decide how much coverage you need

Before approaching a life insurance company for quotes, you should take some time to consider how much coverage your family needs. Every person in your family plays an important role, and the financial hardship that would come from one person in the family passing away should be a driving factor in determining policy types and amounts.

Parents or other providers with steady streams of income can be factored in much easier than, say, the financial loss that would come with a stay-at-home parent passing away. Additionally, you’ll want to calculate the cost of a funeral and other end-of-life expenses – all of which are important in determining a coverage amount.

2. Term or whole life insurance

An important decision to make early on is whether your family should opt for a term or whole insurance. Knowing your preference can help you to find the right plan for you. If you didn’t know, term life insurance is an insurance policy that covers a certain, pre-determined length of time, such as ten years. When the ten years are up, coverage will end.

On the other hand, a whole or permanent life insurance policy can cover an entire person’s life span from the time it’s obtained. Whole life policy premiums are more expensive than term policies, so they may not be an option for everyone. However, if you’re looking for maximum coverage, whole life insurance may be the right choice for you.

3. Add a policy rider

When it comes to life insurance, it’s important to consider your family’s needs. A life insurance policy can help provide financial security in the event of your death, and riders can help give you additional coverage. If you’re looking for additional coverage, consider a policy rider.

4. Choose the right beneficiaries

Just as important as it is to obtain life insurance is to make sure you choose the right beneficiaries. If married, the logical choice is your spouse. However, children can make the process complicated.

It’s recommended that you avoid naming minors as beneficiaries because they will usually need to wait until adulthood to cash out. This could negate the policy if beneficiary amounts were meant for coverage of school expenses or childcare. Instead, it may be best to stick to a spouse with instructions on how to divide funds or set up a trust in order to divvy the funds.

In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, and Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400 and Riders: ICC1368050, ICC1368051, ICC1368052,

ICC1368053, ICC1368054, ICC1368055. This is a brief product overview only. Coverage may not be available in all states, including New York. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.

Coverage is underwritten by Aflac.

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