You’ve just had a baby! Before you know it, your baby will be a teenager learning how to drive. You already feel that you would do everything in your power to provide for them. One important step in protecting your growing family would be to consider obtaining a life insurance policy for you and your spouse. Life is unpredictable, and sometimes the unknown can be scary. Be ready to face life’s unknowns with the financial protection life insurance can offer. We’ve compiled a list of reasons for why life insurance would make sense in securing your newborn’s financial future.
1. Kids are expensive
Raising a child (or children) is a mental, physical, and financial endeavor. The average cost of raising a child from age 0-17 in 2017 was $233,610 (which is about $14,000 per year!). From the transportation costs of shuttling kids around to different activities to buying school supplies each year, the expenses start to add up quickly. The unpredictable loss of a primary or secondary income can make an immediate financial impact on a family. In fact, more than a third (35%) of households would feel the financial repercussions within a month, if the primary wage earner were to pass away. Financial stress from the expenses of raising a child shouldn’t be a part of the grieving process. A life insurance policy means that the day-to-day expenses of raising a child can be covered in you or your partner’s absence. By purchasing a term life insurance policy for yourself, you can make sure to better protect your family’s financial security for the long run.
2. A stay-at-home parent is hard to replace.
If you are a stay-at-home parent, it is just as important for you or your spouse to consider securing a life insurance policy. A stay-at-home parent contributes an average of $162,581 in work per year, which are large shoes to fill. The jobs a full-time parent take on can include laundry, housekeeping, cooking, and (most importantly) keeping an eye on the kids. The absence of a full-time parent means that childcare, a housekeeper, and other household maintenance expenses might be needed to fill in the gaps left behind. Childcare in the United states can vary, but the average cost of center-based daycare in the United States is $11,666 per year. That works out to be $972 a month, which can be a heavy expense for many families. There is also some personal sacrifice required, as a partner might have to take more time off of work to take care of the kids. Affordable term life insurance can help provide your beneficiary with a benefit to use towards the upkeep of your family. A life insurance policy means those gaps can be filled without any added financial stress.
3. College is costly
One of the biggest expenses in raising a child is the cost of their education. While college tuition costs can vary based on public or private institutions, you could be looking at up to tens of thousands of dollars a year in educational expenses. In the class of 2018, 69% of college students took out student loans.The benefit proceeds from your policy can be put towards the cost of higher education for your children, so that they won’t have to rely on student loans and the potential of scholarships. Securing a life insurance policy means that your kids may have the opportunity to get the education they dreamed of, no matter what.
How Our Life Covered can help
From sports practice to sleepovers, there is barely enough time in the day for a parent to get their kids everywhere they need to be. We know a new parent’s time is precious, which is why OLC has worked towards simplifying the life insurance process, specifically for families who have a new addition on the way. One way that we’ve empowered new parents is through our life insurance needs calculator ,which is designed to take you through simple financial questions to provide an estimated figure of how much life insurance coverage would suit your family’s needs. This way, you can be confident that the coverage you get will make a positive impact on your family’s future.
If you feel like a term life insurance policy is the right fit for your family, head over to Our Life Covered to get your quote in seconds! Tomorrow is never guaranteed, so help secure your family’s financial future today!
Whether you’re the primary earner for your household, stay at home with your kids full-time, or anything in between, your absence can certainly have some sort of financial impact on the people you love and the family you provide for.
Your growing family should consider the protection life insurance can offer. There is a multitude of expenses that are involved when raising a child; take steps towards making sure your family is protected in your absence.
Our Life Covered makes it easy to shop for a term life insurance policy. Our life insurance needs calculator can help you decide how much coverage would suit your family’s needs, and our comparison tool helps you get the most affordable option for your family.
Our Life Covered is committed to helping busy moms find the life insurance coverage that fits their budget, meets their needs and leaves plenty of time for the sweetest parts of life.
Get a quote in seconds and call (888-828-9760), email, text (636-590-7416), or chat with one of our friendly and helpful non-commissioned life insurance agents today