Secure your family's financial future with life insurance. Learn how to determine the right coverage amount and explore options for your needs.
Article: 4 minutes
Updated: October 28, 2025 Published: March 1, 2023
By: Matt Lyon Reviewed by: Editorial contributors
Information courtesy of USAA Life Insurance Company and USAA Life Insurance Company of New York.
But your life insurance program doesn't need to contribute to this stress. Rather, it should act as a catalyst for your financial well-being.
Video Duration: 2 minutes 15 seconds
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Life can be risky. From staying healthy during a pandemic to the rising costs of housing, fuel and food, we’ve seen a lot. So, who couldn’t use a little more peace of mind these days?
Here's an idea: Why not see if life insurance can help with that?
All your family members should have the protection of life insurance. A death in the family can have long-term impacts you probably haven't thought about. For example, imagine what your family's financial situation would look like if you died tomorrow and they lost your income. That's where life insurance can offer peace of mind. It offers money that can help with the important things that keep a family financially secure.
But how can you know how much life insurance your family needs?
Remember this acronym: L.I.F.E.
"L" is for your Liabilities.
"I" is for Income that could need replacement.
"F" is for Final expenses after a death.
And "E" stands for Education or Extra goals that might need financing.
You should consider all of these things when choosing the amount of coverage you need.
Each family has unique needs. For example, the needs of a single-parent household with minor children would be very different from those of a middle-aged couple with no children. And consider this: Even in families that have a nonworking spouse, what they contribute to the household in the way of services like childcare and other tasks at home has value. What if you had to pay someone to do those things? It all adds up.
If your family includes children, it may be good to think about life insurance for them, too. It can give them a head start on financial security if they later convert it to their own policy after they reach adulthood.
Conversations about life insurance and your family's need for it can be hard, but they can contribute to a lifetime of peace of mind.
If you need help getting started, visit usaa.com/life to learn more and get a personalized assessment of your family's needs. Or to speak with one of our life insurance specialists, call 800-531-LIFE (5433).
Description of visual information: [USAA Life Insurance Company | USAA life Insurance Company of New York.
Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.
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Let's face it. Life feels expensive, and that's because it is. According to the U.S. Bureau of Labor and Statistics, an item that cost $1,000 in January of 2000, costs $1,919 as of August 2025.
That's OK news if your household income increased at the same pace or more. But if it didn't, money may be feeling tight. And that translates to pressure should an unexpected event occur, like loss of an income earner or caregiver.
The traditional thought of life insurance being needed only for the breadwinner is a misconception. All members of the family should have life insurance protection.
The monetary impact can be significant if you lose a loved one. It's important to challenge yourself to answer a tough question: If your significant other died yesterday, how would that affect your financial situation?
If the answer is a lot, then read on for three things to consider when protecting your family.
Every family has unique life insurance needs. It's worthwhile to sit down and review what you have in place to manage big risks. An easy approach to identifying your life insurance needs is to use the acronym LIFE. This stands for:
Liabilities: Payment of any outstanding debt
Income: Replacement of at least five years of your annual earnings
Final expenses: Coverage for funeral and other end-of-life expenses
Education: Taking care of any education or extra legacy planning goals you have
Different family dynamics warrant different conversations. And many households are dependent on a nonworking spouse for raising children and supporting the home.
While there may not be income to replace, there is a price tag for hiring out everything that they do. Consider the cost of full-time daycare or childcare worker services alone.
It's also important to understand the impact to your work or job. Could you work the same hours that you do currently or travel if work required it? It isn't unimaginable to have to find a new job or role that better fits your new reality. And situations like that don't guarantee your pay stays the same.
In calculating coverage needed for a nonworking spouse, choose enough to pay off debts, cover final expenses and fund education goals. Consider what kind of support you would need for your children and how long that would need to last.
Getting coverage for children is more about safeguarding their future. A child rider is a common feature of many life insurance policies.
It offers a small amount of coverage that can convert into a policy your child would own as an adult. At the conversion, medical questions or qualifications aren't needed.
Individual policies are also available for children. They usually offer lifetime protection and options to increase coverage during adulthood.
While today's life is a bit more stressful, your financial well-being doesn't need to be. Protecting your family with life insurance is much easier than you think.
If you're ready to reduce the stress of not having enough life insurance, start by calculating your life insurance need.
Ask a USAA Life Insurance Specialist.