If you've been a follower of Taking Time for Mommy for awhile you know how I feel about life insurance. Especially ever since I lost my dad this summer. My mom would have even more devastated with out it. Many young families in their twenties and thirties are pinching pennies just to get by and think that they can't afford it.
It's not sure and it's soooo important. There is a life insurance made specifically for young families in mind. It's called a 20 year term life insurance. Unlike whole life insurance plans, term life covers a preset period of time anywhere from 10 to 30 years. Because of this the premiums are MUCH lower than typical policies. The goal of this life insurance is just to replace lost income if your spouse dies. It's there to help out so you can raise your children but isn't intended to take care of the children for the rest of their lives. The term life insurance do expire after their set amount of time where as the other insurances do not expire.
I would get this insurance if you are in a tight spot financially. It's better to have this for your family than nothing. Imagine if something happened to you or your spouse, what a huge blessing this would be and it is affordable.