Congratulations! A baby is a wonderful blessing. The birth of a child changes your life completely. You now have a tiny human being who is completely dependent on you, for both its emotional and financial wellbeing. Life insurance can make sure your new family is protected if something should happen to you.
Why is life insurance important when you have children?
Have you ever asked yourself, what would life be like for your family if you should die tomorrow? Could they continue living comfortably in the family home without the threat of foreclosure? Could your child afford to attend the college of their dreams after high school graduation? Life insurance can give your family a financial safety net, and the great comfort to mourn their loss without struggling to pay the bills. This is true whether you leave a partner behind, or if you are a single parent. Your child has a future that needs to be protected. You love your family, so you need life insurance.
What type of life insurance should I get?
This is a great way to protect your family for a specific amount of time. This type of insurance pays a guaranteed benefit in the event of the insured’s death during a specified term. Typical term lengths could be 10, 20, or 30 years. It comes with an end date, but it is also the more affordable option and the easiest to understand. You might purchase term life insurance to help supplement your income until retirement, until your kids are grown, or to make sure the mortgage gets paid in full.
Learn about Term Life Insurance
This lasts you for the rest of your life, unlike term insurance. While it can be more expensive, it has several attractive advantages. This type of insurance comes with fixed premiums, meaning your monthly payment is locked in and will not increase as you age. Your policy will also build cash value over time that you can borrow against tax-free to help you fund your retirement, for instance, or your child’s college fund. Consumers appreciate the benefit of forced savings, as well. And as long as you’re paying the premium, you’re covered if you die tomorrow or you live to be a hundred and twenty.
Learn about Permanent Life Insurance
This is often considered to be the best of both worlds. This type of life insurance gives you the opportunity to have life insurance coverage and also save money for the future. It builds cash value over time much like permanent life insurance does, and you can take out a policy loan if needed. The premiums are flexible, meaning you can change the existing policy to make it more affordable while keeping it in force and continuing to build cash value. And as long as you’re paying the premium, you’re covered for the remainder of your life.
Learn about Universal Life Insurance
I’m ready to start protecting my family’s financial future.
Find an Agent