My husband and I decided that the best life insurance for us right now, is term life insurance. We cannot afford much but thought that if we could just make sure that we are covered until our oldest graduates from college, then we can look at additional options after that. I was told that term life insurance is the cheapest kind that you can get and I knew that it would be the choice for us.

My parents said that they had term life insurance for years, when they were younger. They knew that they had to make sure that if something happened, us kids would be taken care of. When we all grew up and moved out, they switched to no medical exam life insurance. This way, they are covered for the rest of their lives but the amounts are not as high since there is only just the two of them now.

I think that when my husband and I get older, we will also switch to no medical exam life insurance, and have just enough coverage to pay off our funeral expenses and any outstanding debt that we may have at that time. I am going to have to discuss all of this with my husband, but for now we will stick with the term life insurance.