Why Getting Term Life Insurance Should Be on Every New Parent’s To-Do List
There’s a lot to do to get ready to welcome a new baby…you have to stock up on baby gear, furnish the nursery, write a birth plan, read up on labor and delivery…and basically childproof your whole life. So, you could be forgiven if “sign up for term life insurance” is toward the bottom of your pre-baby to-do list. Still, locking down life insurance is one of the most important tasks you can do today to help secure your child’s financial future!
Life insurance is a must because raising kids is expensive.
Raising kids today can really take a toll on your wallet. According to one estimation, raising a child from infant to the age of 17 costs an average of $233,610, and the cost of childcare is outpacing the cost of college tuition in many states! There’s no doubt that kiddos are worth every penny (and more!), but the expenses that go hand-in-hand with parenthood are more reason to make sure that you’ve established some kind of a financial safety net to cover costs in the event of tragedy.
Parents need life insurance because we can’t predict the future.
No matter how many advancements we make as a society, the future is still unknowable! And as unpleasant as your or your partner’s passing is to contemplate, a parent’s untimely death can be shattering not just emotionally, but financially too. Fortunately, term life insurance can help provide that extra protection—and peace of mind—if the unexpected happens.
Term life insurance helps financially protect your family.
In the event of an untimely death, term life insurance can help provide financial support. Term life insurance helps make sure that you can cover costs like childcare, a mortgage, or day-to-day bills.
Term life insurance is a smart choice for stay-at-home-parents and working parents.
You might think that if the breadwinner of the family is covered, you’re all set. While, yes, it’s important to cover a working parent’s income, it’s just as important to put a financial safety net in place should anything happen to a stay-at-home parent, too.
In fact, did you know that it would cost an estimated $162,000 to replace a stay-at-home parent? That is, if you were to outsource all the jobs that a single SAHP does—from cooking and cleaning to childcare and all the myriad tasks involved to just getting through a day—it really adds up. And that doesn’t count the overtime for those nights when your toddler refuses to go to sleep despite the hundreds of times you read (and reread) their favorite book.
Locking down term life insurance now will give you more bang for your buck.
It can be easy to put off big tasks until tomorrow…or the next day…or the next year. You might be tempted to wait to sign up for life insurance until your kids are older…or you are. But the simple math is this: The younger and healthier you are, the cheaper your life insurance will be over the long run. If you are in your 20s and in excellent health, then you can expect to pay less than if you’d signed up in your 40s. The sooner you get your policy started, the less money you’ll have to spend!
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