Family planning should include life insurance

Some changes, such as getting married or having children, present major shifts in lifestyle. Such shifts often spur people to review their housing or transportation. However, many neglect to revisit life insurance needs.

In fact, an expanding family is a major reason to review life insurance options. A life insurance policy can help care for children in the event of a parent's premature death. Research from consulting firm LIMRA reveals that four in 10 American households with children would be in financial distress without the funds of the breadwinner.

"A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones," says LIMRA CEO and president Robert Kerzner.

Most families today rely on two incomes. With an appropriate life insurance policy, funds will be available to help sustain the family lifestyle in the event of the unfortunate passing of a parent.