I have just purchased a life insurance policy on both me and my husband. I know that if something were to happen to him that the kids and I would be in really big trouble. I am a stay at home mom and so the only income that is coming in is through my husband’s job. Without that, we would be unable to survive.

The policy I bought has a large enough payout that it would support me and the kids until they are all teenagers, at which point I could return to work. It will also cover their University tuition when the time comes. My husband agreed that it was the proper thing to do.

The policy on me has a much lower payout, but would cover childcare expenses, as well as the kids’ college tuition. It gives me a much better peace of mind knowing that everyone is going to be taken care of should something happen to either one of us.