Do I need Term Life Insurance coverage on my spouse and/or children?

It is very important to consider having coverage on your spouse even if they are not employed outside of the home. The financial pressure on a family due to the premature death of a spouse or partner can be significant. Coverage for children is available to cover final expenses. In addition, a Term policy can be used to provide future insurability. For instance, if your child becomes medically uninsurable during the life of their Term insurance policy, the coverage can be converted to a permanent policy (Whole Life Assurance or Universal Life) without having to provide proof of medical insurability.