If you do not have your emergency fund now, you should have access to an already established line of credit or credit that is readily available to you that you do not touch for any other reason except for an emergency. If you lose your job or become temporarily unable to work due to an illness or accident, you will not be able to obtain credit without income. So this is some thing that must be able to be in place now and used only in the event of an emergency, otherwise you will have to save up for your emergency fund a over time.
I am not an insurance expert so I am not going to go into the different types of life insurance available you should speak to a certified financial planner about that. I do know that many experts are now saying that term life is preferable to whole life. It is much cheaper and it accomplishes the same purpose as whole life.I have been told that many of your payments in the beginning of a whole life insurance policy are basically going to the person who sold you the policy as a commission before the money you put in starts building up.
If you and your spouse both work use whichever plan gives you the best coverage, some jobs also provide life insurance up to a certain amount with extra available if you pay a little more. Be sure to check with your employer.If you own a home you have to have home owners insurance. You need to make sure that if your home was destroyed by fire or some other disaster that your insurance will cover you enough to replace that home and your possessions in that home. If you rent you should have renters insurance to help cover you in case of an emergency.
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