Mom's?

The advantage is that you know that if anything happens to you the family will be able continue living without the financial gap that comes with death. You can also add cover in case of sickness

If you do get the cover look at the fine print a lot of the time if anything happens to you like cancer and you have already seen the doctor about it before you get the cover you won’t be covered for it. I used to work in life insurance. I would shop around and read everything thing stated on the policy

Term life insurance doesn’t have the most benefit but it is more cost effective than actual life insurance. My husband and I each took out a term life insurance policy before our baby was born. The term we chose was 20 years so we knew that we could continue to support her and keep our “lifestyle” if one of us were to pass. But there’s better plans out there that will accrue your money and it’s not all lost like it is when the term life insurance policy is over. Same goes for a plan for your kids. There’s way better options to start them on now. I would never suggest a term policy for a child.

Term life insurance is usually cheaper than whole life insurance. Thats about the only benefit I know of. Term life for young and healthy people can be like $20 or $40 a month while whole life for the same coverage amount can be $100-$200. Yes youd need a separate policy for each person but some insurance companies offer family policies. A down side to term life is that for most insurance your rate is locked in so the younger you get the policy, the better, however… most policies are 30 years so its like if you get insured in your 20s or 30s average life expectancy is 78 years and rising and your policy will lapse before you are likely to pass away. They also dont carry “cash value” so at the end of the 30 years you dont get any money you put into it.

@Nef well said!

Don't use American income life. Terrible experience anytime they called with their "annual update to see how things are going" that's really a sales pitch. Different "manager/ supervisor" each time they call... many of them lie to you to convince you to upgrade to whole. If you ever try to cancel it, they may lie about taking care of it, and they'll never send written confirmation of cancelation.... I don't know if all insurance sales companies are the same, but you'll definitely find some sleazy ones

Is whole life insurance better?