The first approach caters to the family's need to replace lost income for a certain period of time, from 5 to 10 years usually. At this time, the family receives a certain amount of payments.
Another approach is to consider the family's financial obligations: mortgage, loans, children's education, and after the death of the breadwinner, the life insurance company pays off the loans and makes payments to a college or university.
Johnny Ellis, owner and principal agent at Ellis Agency Insurance, says, “When calculating insurance premiums and potential benefits, it is worth considering who will babysit, do yard work, and help around the house. All children should have the opportunity to see a doctor from time to time. Some kids have greater health needs than adults.”
Source: https://www.cbsnews.com/news/how-much-life-insurance-should-parents-buy/
Photos are from open sources.
