Consider term insurance. "Term life insurance is an affordable choice for young parents on a tight budget," says Woods. Expect to pay $60 to $80 per month for a $1 million policy. Unlike permanent (or whole) life insurance, term protects for the specific period of time you choose, such as until your child graduates from college.
Buy only what you need. Plan to cover funeral expenses and debts, as well as future obligations, like college. For a rough estimate, use the life insurance calculator at life-line.org
Shop around. Ask the benefits representative at your job if your company offers supplemental insurance beyond the usual benefit of one to two times your salary. Search online for competitive rates and to get instant quotes. Check out: