By Life Quotes, Inc. Staff

Some people can gain insight into strong money management habits by watching their own parents. It can also shed light on their mistakes.

One financial misstep is not purchasing life insurance, according to a Philadelphia Daily News column by personal finance expert Harry Gross. One reader expressed qualms about purchasing this coverage despite inquiries from friends of his in-laws. Life insurance can help fill some of the gaps left by other investments, as well as prepare a spouse for unexpected events.

“You need it to protect her from the financial disaster that can occur if you die at a young age,” the columnist writes. “Even if your wife has great earning capacity, she will need the insurance to allow her to care adequately for her children.”

Gross recommends a renewable and convertible 10-year term-life insurance policy, which usually comes with lower premiums than the permanent alternative. It also comes with less investment opportunity and, therefore, is usually worth less for beneficiaries.

In addition to specific-year limits of coverage, consumers may also purchase term-life insurance that will last until they reach a certain age. Premiums reflect an individual’s age, health and habits, according to the Insurance Information Institute.

This article was originally published by Life Quotes, Inc.