Family life insurance is necessary just in case one of the heads of the household has an unfortunate accident. More and more parents are finding themselves sharing the responsibility of keeping food on the table while raising their children.

These Days, it Takes Two to Make Ends Meet

In a household with two working parents, losing either of the two key players would not only be emotionally devastating, it would also create a serious financial burden on the surviving members of this family team. So it's no longer enough to get life insurance for the so-called "breadwinner." Anyone who contributes to the home needs to have secure coverage.

If only one of you is covered--or nobody is--it's time to get yourself a family life insurance policy.

Whole vs. Term Family Life Insurance

Term life is more affordable and simple than whole life. You pick term lengths such as 10, 20 or 30 years, and coverage amounts anywhere from $100,000 to several million dollars. Simple.

Term Life Tips

1. Get the Right Term Length

If you're getting life insurance to cover your kids college costs even if you die before graduation, choose a term long enough to cover that period of their lives.

A lot of families look at their mortgage and choose a term that will outlive the debt. This way if you die before the home is paid off, at least you know the family will have a place to live.

2. Get Just Enough Coverage--Not More, Not Less

The typical rule of thumb is to purchase an amount of life insurance coverage equal to 6-10 times your annual gross income. You should factor in your income and all the expenses that will arise as a result of your passing, including tuition costs and your mortgage.

For a better idea of the amount of life insurance to purchase, use an online life insurance calculator.

3. Go to a One-Stop-Shop Site

Rates will vary from company to company so you need to shop around in order to get the best deal. The easiest way to shop for term life insurance is by going to a site that will allow you to compare a number of different companies at once. Check out InsWeb.com and save yourself a ton of time and money.

4. Check the Insurance Company’s Financial Stability

You're buying life insurance to make sure your family is protected once you're gone. So you want to make sure the life insurance company is financially secure. Review each company's ratings from agencies such as A.M. Best or Standard & Poor's.

5. Don’t Get it and Forget it

Life's twists and turns require regular reviews of your life insurance policy. The amount of coverage you need is based on your life situation, so as it changes, so should your coverage. For example, if you get divorced or have more kids, your needs have changed. Maybe you got a big promotion at work or are taking care of an aging parent. Take a look at your policy at least every three years to make sure you've got the protection you need.