A good life insurance policy is something every adult should consider. A good policy doesn’t have to be expensive. My husband and I both have a term policy that costs us less than $35 per month. I know a lot of moms who don’t work think this doesn’t apply to them. If you were to die when your kids are still young, then who is going to take care of them? Your husband will now either have to put them in daycare or perhaps hire a nanny. That does cost money.
So you now ask how big of a policy should I buy? Many financial experts say a good rule of thumb is 10x your annual income. Even if you don’t work then add up how much income your spouse might need with daycare costs or a house cleaner. I have a $100,000 policy.