No physical life insurance. Create a Total Family Life Insurance Plan in 3 Steps, The MetLife Blog

If you’ve reached that stage in life when you’re caring for both your children and your parents, you’re a member of what’s known as the “Sandwich Generation.” While this time can be full of joy and excitement as you watch your kids grow and see your parents settle into their roles as grandparents, it can also be challenging. Besides managing everyone’s care, you’re probably burdened with a lot of financial responsibilities. Family life insurance.

When it comes to life insurance, you may want to consider a plan that covers the whole family. Here’s what you should know to protect everyone under your care.

1. Cover the Cost of Your Primary Caregiver

Your family’s primary caregiver may not be compensated in cash, but the care they provide and the tasks they perform in the household have great value — especially if your family includes more than two children, children with special needs, disabled adults or elderly family members.

That value should be protected in your family’s life insurance coverage. estimated the value of a stay-at-home mom’s duties in 2016 at $143,000 a year. Even when the primary caregiver brings home a paycheck, the worth of their uncompensated care and services is high.

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It’s important to determine the costs you’d pay a professional caregiver if you or your spouse passed away unexpectedly. Make sure your life insurance coverage reflects those costs.

2. Don’t Forget Coverage for Your Kids

No one wants to think of losing a child, but it can happen. If it does, funeral costs and final expenses can be in the thousands. Unless you have cash set aside for those costs, an uninsured child’s death can have long-term effects on a family’s finances.

You may also be able to purchase a life insurance policy that you can transfer to your child to maintain after they turn 21 years of age.

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3. Make Sure Elderly Parents have Coverage

Being certain your elderly parents or other adults under your care have proper life insurance coverage is critical. Final expenses can deal a financial blow to your family’s household budget if you’re not prepared, on top of the emotional weight of grief. Evaluate your parents’ current life insurance plan to see if it provides adequate coverage. If not, they may need to look into additional life insurance coverage.

Life insurance can protect your entire family — follow these steps to help secure everyone’s financial future.
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