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Bump It Up: Why Parents Should Get Life Insurance Before the Due Date

May 24, 2017

You pick out a name. We’ll help you pick out a life insurance policy.

When you have a baby on the way, the future comes at you fast. Our Life CoveredSM can’t help with the 2 a.m. feedings, but we CAN help you find great life insurance before your little one arrives…and that’s one less thing that will keep you up at night. 

There’s really nothing that makes you take a good, hard look at your life like becoming a parent. When you find out you’re going to be responsible for another human being, their whole future flashes in front of your eyes, and there’s an instant impulse to improve…to do and be better than you’ve ever been and done before.

Is your house big enough? Are the schools good enough? When’s the last time you scrubbed the baseboards? Are you eating enough vegetables? Does it still count if they’re on top of pizza? How soon should you put those little safety plugs into the electrical sockets?

You start to wonder about the integrity of your Pinterest boards and the specifics of your dental plan. You start to wonder about everything.

No time like the present (to plan for the future)

While the desire to give your child the best of everything won’t go away, and the questions are essentially infinite, your motivation to get things in order might never be at a higher level than when you’re preparing for your first child.

Once the baby arrives, life becomes a beautiful blur of tiny laundry and pediatrician appointments and more diapers than you ever imagined. The immediate expenses of hospital bills, childcare, and supplies (did we mention diapers?) start to add up, and paying for the things you need right away becomes your first priority. Sleepless nights soften the edges of everything, and making it gracefully through the day takes precedence over planning for the future.

Additionally, while kids might keep you feeling young at heart, your insurance rates tend to increase along with your actual age, so the younger and healthier you are when you buy your policy, the lower your premiums will typically be for the duration of that policy. And that means more money for the swear jar Disney World fund.

It really comes down to this: if you have a baby on the way, it’s a good idea to take care of as many big things as possible now so you can focus on taking care of one very little thing later. Our Life Covered makes it easier for expectant parents to shop for quality, affordable life insurance so they can get back to painting the nursery faster.

Financial security? Check.

Getting ready for a baby means there’s already a lot on your list. Some of it’s fun (baby showers!) and some of it’s not so fun (crib assembly!), and while talking about life insurance is probably in the “definitely not fun” column, it’s an important item to check off.

When you’re bringing a new life into the world, the last thing you want to think about is the end of your own life. But reinforcing your family’s financial stability with life insurance means the peace of mind that comes with knowing your child is provided for no matter what happens to you.

In general, the more you plan for something, the less you have to worry about it. The end of life is no exception.

Better together

While it might be tempting to only purchase life insurance for the parent who has the highest salary, it’s a much better idea to buy coverage for both of you.

For dual-income couples, death means a loss of income, and even if it’s the smaller of two incomes, it can be more significant than you’d think to your family’s quality of life. Stay-at-home parents should also be insured, since the average annual cost of childcare is nearly $10,000, and the total monetary equivalent of the services a stay-at-home parent provides can be in the six-figure range.

Regardless of employment status and compensation, medical bills and/or funeral expenses have a huge impact on families, and in addition to replacing income and covering the cost of services, life insurance can help with these end-of-life financial obstacles.

Term life or whole life…what works with YOUR life?

There are a lot of options to choose from when shopping for life insurance (although not quite as many as there are when shopping for car seats, thankfully). However, there are two distinct types of coverage to consider: TERM LIFE insurance and WHOLE LIFE insurance.

Here’s a little breakdown.

Term Life

  • Predetermined amount of time and coverage
  • Generally simpler and less expensive
  • Payout occurs only if policy holder dies within term
  • Designed to safeguard beneficiaries in the event of sudden or unexpected death

Whole Life

  • Permanent - provides coverage for the duration of policy holder’s life
  • Cash value that accumulates tax-deferred gains over time
  • Generally more complex and expensive
  • Beneficiaries receive full payout upon death of policy holder

Because most first-time parents are relatively young and healthy, term life insurance is the most popular choice because it’s easy and affordable.

However, it’s a good idea to do a little research and chat with an insurance expert at Our Life Covered before you make your decision.

Maybe you have a little more in your budget and like the idea of a more permanent solution versus a temporary provision. Maybe you’re healthy now, but have a complicated family medical history to consider. These could be reasons to explore whole life options.

You start taking care of your children before they’re here. Life insurance lets you keep taking care of them after you’re gone. Go to ourlifecovered.com or call 888-828-9760 for help in finding the most important baby gift that you can’t put on your registry.

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