Should I buy life insurance for other members of my family such as my spouse or children?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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The members of the family who provide the family income are the ones who may need life insurance coverage the most. The first priority is to have adequate coverage on them because the loss of income due to their deaths would have an adverse affect on the surviving members of the family. After this is taken care of, then consideration can be given to whether there is any reason to provide coverage on other family members.

It is sometimes prudent to have life insurance when a family budget is very tight or there is only one member of the family who provides all of the family income. The proceeds from life insurance in the event of the death of this person may help to pay for expenses that might not be covered otherwise.

Buying life insurance for children with an option to buy more insurance at a later age sometimes makes sense. This could provide protection should a child require additional insurance later on, or become uninsurable due to some unforeseen event. These needs would be best served by buying low-cost term insurance for the appropriate number of years.

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