Life Insurance for New Parents and Young Families
Congratulations on becoming a new parent. This will be a new chapter in your life with your growing family. Now you will have someone that depends on you financially. If you were suddenly gone or passed away, this would impact your newborn’s future and immediate life with the loss of income. This is why parenthood prompts many parents to look into life insurance.
As a new parent myself, life insurance is very crucial for me. When you look at child care costs and living expenses at all-time highs. It really put things into perspective. How will my child do if my income is missing or if something happens to me? There’s what will happen immediately and what would happen years to come when they get much older and have to go to college or any future financial assistance they may need.
When you are looking for a life insurance policy that is right for you, you want to look at affordability, your long-term financial goals, and your protection needs.
Life Insurance Choice
Affordability: You want to get something that’s within your price point that you can pay the premiums on comfortably. Term life is generally the more affordable option for most people. You get a great price along with peace of mind.
Long-term financial goals: As a new parent, you will want to explore all your financial resources to support your family over time. One long-term option that builds cash value would be a permanent whole life policy. This policy has a death benefit, and along with that, it also builds cash value from the premiums you pay over time.
Immediate protection needs: How much coverage do I need as a new parent? It will all depend. The best way is to see how many dependents you have along with your financial obligations.
Speeding tickets, accidents, and traffic violations are major factors that can increase your insurance rates significantly.
Term Life Insurance
Basic coverage that covers a death benefit for a set amount of years. That typically covers you for 5 to 30 years depending on the period of coverage you decide to pick.
Permanent Life Insurance
Lifetime coverage. This is for the whole Life insurance, universal life insurance, and variable life insurance. These types of permanent life insurance may offer premium flexibility and different options for accumulation.
Looking for life insurance coverage? Let Nation One help you make the right decision for you.
Making financial decisions can be hard at times with different options being offered to you, but Nation One can help. Our licensed agents will listen to your situation and needs along with answering any questions or concerns you may have. We work with our carriers to find you the best coverage that aligns with your needs and budget.
