Parenting Magazine Online has weighed in on the MSNBC cable television network on the best financial tips for Moms. The bottom line: Life and Disability Insurance are musts for both parents.

MSNBC reported that “Any time people are dependent on your income to pay for their living expenses you need insurance. Life insurance is intended to help pay for family living expenses until your children are 18 or on their own. Disability is another important, but often overlooked, form of insurance that provides money in case a working parent is ill or injured and unable to work.”

Both you and your spouse need life insurance — no question about it. If you’re staying at home, your life insurance wouldn’t replace an income, but it’s just as important: If something happened to you, it could pay for necessary help like child care or a housekeeper. There’s no magic formula for how much you’ll need, either; talk to a financial planner or insurance agent about what it would take to cover your important expenses.

Look for level-term life insurance, which is relatively inexpensive. For disability insurance, check with your employer if you work outside the home. Companies often offer it at a reduced rate.

Note: Barring unusual circumstances, you probably don’t need life insurance for your children! No one’s relying on them for income, and kiddie policies aren’t a good way to invest for college (as they’re sometimes marketed). Steer clear.

Related posts

• New Year’s Resolutions to Stick With
• Who Needs a Financial Education? All of Us!
• What Will We Buy To Help Us Through Hard Times?
• 10,001 Ways to Live Large on a Small Budget
• A New President, and a new Precedent for Change