Why New Parents Need Life Insurance
September 14, 2021
September 14, 2021: Have you thought to yourself lately, do I need life insurance if I have a baby? If you’re a new parent, you may be debating the pros and cons of purchasing Life Insurance to provide a key safety net for your child and the rest of your close family. Although you may not be sure whether now is the right time to get life insurance, this critical type of coverage can help provide key financial benefits in the event you or your partner should unexpectedly pass away. If you’re still wondering whether you need this coverage now, having a new parents guide to life insurance and knowing the top perks could help you decide. Here’s what you should keep in mind.
Paying an Affordable Amount Now Could Provide a Large Financial Safety Net Later
If you’re a young parent, getting life insurance now could actually help you save some money over time. For example, purchasing a term policy in your 20s could be more affordable than you realize, and premiums for young, healthy individuals are typically lower than others. This means that you could pay an affordable amount for a policy now in exchange for a large financial safety net for your family later on.
It Can Protect Your Household Income and Provide for Your Child
Having life insurance can help protect your household finances and provide for your child should you or your spouse pass away. This is especially crucial if one of you happens to be a stay-at-home parent. The right policy could:
- Allow your family to continue covering essential household expenses, such as the rent and mortgage or groceries and car payments, without your income to help
- Provide your family with an essential financial net for large future expenses, including college tuition or a home purchase
- Set your young child up for future financial success
It Can Function as a Crucial Supplement to Employer-Provided Insurance Coverage
In some cases, you may already have a small employer-sponsored life insurance policy provided through your workplace. However, there are key benefits to getting extended insurance beyond this basic policy. Supplementing with your life insurance could:
- Offer additional payout beyond what your employer provides
- Fill in the gaps in the event of a non-existent or inadequate employer-provided policy
- Expand your coverage and give you additional peace of mind in case of job loss
- Provide a larger financial safety net for your family in the event of unexpected death
In most cases the life insurance coverage will end if you leave your employer.
For any new parent, securing Life Insurance as soon as possible could provide a key safety net and major financial benefits in the event of an unexpected passing. Whether you already have some life insurance through your workplace or not, purchasing your own extended coverage could offer your family essential benefits that may prove well worth the investment down the road.
About 1891 Financial Life
At1891 Financial Life, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our new MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.