Damon Johnson supports his family as a school music teacher. He can't imagine how his wife and two kids would get along without him.

“It would be very hard for them, because I'm the main source of income for the household," Johnson said.

From life insurance to long-term care, one-fifth of Americans have found themselves in a situation where they wished they had more insurance. For parents of young children, several policies are especially important, with life insurance being one of them.

"Term life is just insurance. Whole life is insurance with an investment component that typically grows over time. For most, especially young families, term insurance is the way to go," said Jean Chatzky, author of the book "Talking Money."

While your family is growing, you also need to bolster your disability coverage.

"If you become ill or incur some other sort of disability, you need to make sure that your family still receives some sort of a paycheck. So disability becomes very, very important. For single parents, it's a must-have," Chatzky said.

Five-year-old Autumn needs to take prescription medicine, a reminder to her family that health insurance, as much as they can afford, is critical.

"If you're having trouble scraping up enough money to pay the big premiums on the comprehensive policy, at least make sure you have full hospitalization," said Chatzky.

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