How much life insurance should both parents have if they want to buy life insurance for their child?
The general rule is that a parent should have twice as much life insurance coverage than the child. For example, if the parent applies for $50k of coverage for the child (age 17 or less), then the parent should be covered with at least $100k. But what if there are two parents? Should each parent be covered for at least $100k, or should the sum total of their insurance be at least $100k as an example each parent should be covered for at least $50k?
The general rule is that a parent should have twice as much life insurance coverage than the child. For example, if the parent applies for $50k of coverage for the child (age 17 or less), then the parent should be covered with at least $100k. But what if there are two parents? Should each parent be covered for at least $100k, or should the sum total of their insurance be at least $100k as an example each parent should be covered for at least $50k?