Life insurance
A life insurance checklist for growing families
A new baby, a new home, a new chapter. Start with the people and everyday expenses your coverage needs to protect.
3 min read·November 12, 2026
Life insurance is about the life your loved ones would need to keep living if you were no longer here. Before comparing policies, take a little time to understand what your family would need and what protection you already have.
Start with your household, not a number
List the expenses that would continue: housing, groceries, childcare, debt payments and education goals. Include the value of unpaid work, such as caring for children or managing the household—not just a paycheck.
Next, review savings and existing life insurance. Workplace coverage can be helpful, but check whether it continues if you change jobs. There is no single coverage amount that fits every family.
Understand the type of protection
Term life insurance provides coverage for a specified period. Permanent life insurance is designed to provide longer-lasting protection if the policy’s requirements are met, and some policies build cash value. Costs, guarantees and conditions differ.
Ask what premiums you will need to pay, what could change over time, and what happens if you stop paying. Review exclusions and any waiting periods before applying.
Keep the people in your plan up to date
Review your beneficiaries after a marriage, divorce, birth or death in the family. Naming a minor directly can create complications; ask a qualified attorney about an appropriate arrangement.
Tell a trusted person where your policy information is kept. Revisit your coverage when your responsibilities or income change.
Your next-conversation checklist
- Bring a list of household expenses and debts.
- Gather existing policies and workplace benefit details.
- Write down your family’s priorities and a comfortable premium budget.
Sources & further reading
This guide provides general education, not personalized insurance, legal or tax advice. Policy terms, eligibility and availability vary. Consult official sources for current requirements and a qualified professional for your situation. Johnson Financial is not affiliated with or endorsed by Medicare, the Department of Veterans Affairs or any government agency.