Whether you're already covered, or just starting to look into the different types of life insurance policies, you may be struggling to find one that is right for you and your family. You want to be sure your family isn't struggling when you're gone, which is why finding the best coverage is important. Below are three factors that will help you to determine the right policy for your situation.

Is This a Second Marriage?

This is an important thing to consider, especially if children are involved. If this is your second marriage, and you have children from a previous relationship, how can you be sure you can provide for them and your current spouse? If you name your spouse as a beneficiary, your children may not see any of the money and vise-versa.

Either term or whole policies can be used here, but the beneficiary naming process will be difficult. You'll most likely need to speak with an estate lawyer, but in these circumstances, you'd be better off naming a trust as the beneficiary, and allowing the trust to dole out the money as you see fit.

What Purpose Will Your Life Insurance Be Fulfilling?

Life insurance is obviously a monetary assurance, but do you have certain things you would like to be covered when you die? Do you want a policy that will simply replace your income, or would you like it to pay college expenses for your spouse and/or children?

Term life insurance is best for those who want to give their spouse and/or children a good start after their death, but it's not intended to cover their needs for a lifetime. Term life insurance can help your spouse to pay off any debts you had together (mortgage, car, college loans) and pay for general living expenses for a specified amount of time while they find a better source of income.

Whole life insurance is best if your spouse or dependents will be unable to work for the whole length of their lives and need a reliable source of income to survive.

Do You Have a Disabled Beneficiary?

As mentioned above, whole life insurance may be the best option for you if you have a beneficiary who is disabled and will be unable to work to support themselves. Term life insurance is only meant to cover a short period of time (usually up to 20 years).

You can't be sure of anything when planning for the future of a disabled loved one. Perhaps your spouse or a sibling plans to care for them when you're gone, but things happen that could change that, and your loved one still needs care.

In this particular circumstance, whole life insurance may be the best way to go. Speak with an insurance agent and an estate planner to take a look at your options and decide if this is best for you.

Many factors will determine whether term or whole life insurance is best for you. In most cases, term life insurance is all you need to provide for your family while they get back on their feet. There are certain circumstances, however, that make whole life a better option. Speak with an insurance agent, such as those found at Matt Roenker Insurance Agency, and an estate planner—they can get a better picture of your situation and offer the best advice.