If you and your spouse both work and are thinking about children, or have one on the way, there’s a good chance you may be considering how to best care for your child. One of you may decide to stop working to stay home with your child – but the trade off may mean your family is reduced to a single income.

Almost 40 percent of American children are cared for by a stay-at-home parent. If your family can live comfortably on one income, that’s great. But what happens if that income were to suddenly disappear?

Life insurance can help protect families if the main income earner – or sole income earner – were to pass away suddenly. Getting married and having a child are two good reasons to purchase or revise your life insurance policy, according to Life and Health Insurance Foundation for Education.

There are two types of life insurance, permanent and term, and it’s a good idea to review their differences to determine which one might be a better fit for your family.

Term life insurance often costs less because it covers you for a set time period, such as 10, 20 or even 30 years. You choose the time period and amount of coverage. If you die before the term ends, your beneficiary receives a lump-sum payment. You may be able to convert a term policy to permanent life insurance without taking another medical exam. Term life insurance rates are likely to be lower. Plus, it’s typically easier to be approved if you are younger and in good health. Therefore, it may be in your best interest to secure a policy at lower rates while you are a young adult.

Permanent life insurance policies are designed to last your lifetime with regular annual premiums, which are typically higher than term life insurance rates. Additionally, part of the money you pay into your permanent life insurance policy is set aside in an account where it can grow cash value that you can tap into later on if you need it.

Life insurance can help your family by covering funeral and legal expenses, mortgage payments, your children’s college expenses or even outstanding debts.

If you already have a policy, make sure you review it with your life insurance company when you get married or before your child arrives. You may determine you need to switch from term to permanent, or discover you need to add additional coverage for your expanding family.