Value of Life Insurance

If you have a family with young children, are you willing to spend $30 to $50 a month to pay for a life insurance plan that can provide a benefit payment in the event of premature death of the parent?

Which do you prefer?

(a) Buy a whole life plan that covers about $10,000 to $15,000 and accumulate cash value?
(b) Buy a term insurance plan that covers $150,000 to $250,000 (i.e. no cash value)?
(c) No need to buy life insurance, as premature death is quite unlikely.

Do you prefer the payment of the benefit to be in the following:
(a) A lump sum,
(b) A monthly income for 10 to 20 years,
(c) A combination of both payments?

Are you willing to spend $30 to $50 a month as an expense (i.e. without any return), to provide adequate financial security to your family?

I recommend a term insurance plan that pays a lump sum benefit of (say) $50,000 plus a monthly income of $2,000 until the end of the term (say, until your age of 55). This will cost about $50 a month for a person now age 30 years old.