Why cover your spouse
It is easy to think only the earner needs life insurance. A spouse who runs the household holds real financial value. If they passed away, you would face the cost of childcare, meals, transportation, and the hours they cover every week. Replacing that is expensive.
A private term life policy on your spouse covers those costs and keeps your family steady during the hardest time. For a healthy spouse, term is affordable and locks in a level rate for the years your children are at home.
Family SGLI while you serve
If you are still serving, Family SGLI (FSGLI) can cover your spouse and children automatically. Spouse coverage goes up to $100,000, in $10,000 increments, and cannot exceed your own SGLI amount. Each dependent child is covered for $10,000 at no cost.
FSGLI is useful, but it has limits. The spouse amount may not be enough on its own, and like SGLI, spouse coverage ends when you separate. You can convert it to a private policy, so it is worth lining up private coverage before that window closes. See what happens when you leave the service.
Coverage for children
Most families do not need a large policy on a child. A small amount, often added as a rider to a parent's policy, covers final expenses and gives the family room to grieve without financial strain. It is inexpensive and simple, and it can sometimes let the child keep coverage later regardless of health.
How much your family needs
Size coverage to what your family would actually need if an income or a caregiver were gone. Think about the mortgage, everyday bills, childcare, and future costs like college. A common starting point is 10 times income for an earner, plus enough on a caregiving spouse to replace the services they provide. Work it out with how much life insurance you need.
Putting the family plan together
For most families, the strongest plan is straightforward. Cover each parent with level term for the years the children depend on you, add a small rider for the kids, and keep the amounts high enough to carry the household. If you are weighing this against a VA option, see VGLI vs term life, and for the full set of choices start with veteran life insurance, explained.