Do parents really need life insurance?

[Payne]

Do parents really need life insurance for their children, even if they're still pretty young?

[devatha]

All people need term insurance, but not life insurance.
My way to calculate how much term insurance is given below(But, may not be correct way. Ask others also):
1. Calculate total cost of annual expenses you incur on your family from today to the last age of entry for term insurance.
2. Divide the amount by number of your family members.
3. Buy the term insurances for the amount you got in step 2 for each of your family members.
Reduce the amount till you got your affordable premium, incase if you find the above method gives you a costly annual premiums.

[disneysteve]

Do parents really need life insurance for their children, even if they're still pretty young?

ABSOLUTELY NOT! You DO NOT need life insurance if nobody is dependent on your income. Life insurance is to provide for your dependents if you were to die. If a child dies, while tragic, it creates no financial hardship for the family unless that child was a model or actor or in some other way earned income that the family needed to survive. If you want to take out a small policy for $5,000 or so to cover potential funeral expenses, I suppose that's okay, but it makes a lot more sense to keep a well-funded EF.