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What new parents need to know about life insurance



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Raising children is not easy. It's not cheap either. This is why new parents should learn about the financial protection that life insurance offers.

  Add a heading-Jul-27-2020-01-38-14-74-PM

How much does it cost to raise a child through 17 years? Approximately $ 285,000 with inflation incorporated under U.S. Pat. Department of Agriculture.

That number may make you say, “You see! Children are expensive. That is why we have not bought life insurance.

Think of it this way: the right life insurance plan could cover you for $ 285,000 (or more) at a price you can afford. Here's what new parents need to know about life insurance.

Life insurance is not as expensive as you think it is


This topic is not exclusively for new parents, but almost half of millennials overestimate the cost of life insurance by 500%.

After contacting a Beijing Insurance Agent they give you a free life insurance quote and find a plan for your budget.

Life insurance costs are lower when you are young and healthy


Life insurance levels increase as you age. lock in prices while they are younger and healthier.

Life insurance is versatile


If you are not there to support your loved ones, life insurance can take care of:

  • Housing payments.
  • Tools
  • He munderhåll.

    • 19659020] Car payments.
    • University Teaching.
    • School materials.
    • And more!

    Life insurance can pay for child care


    According to care.com [19659030] the average weekly costs for child care are:

    • $ 215 for a daycare.
    • $ 201 for a family hospital.
    • $ 565 for a grandchild.

    If one parent leaves the picture, the other parent will probably need one of these services.

    Your employer's life insurance may not be enough


    Does your employer offer a limited life insurance amount, possibly once or twice your salary? Is there enough coverage?

    Consider these average costs:

    The truth is that employers do not always offer enough life insurance. Also, you may not be able to take your life insurance with you if you leave your current job.

    Both parents could need life insurance


    There is a misconception that only "providers" should have life insurance. Stay-at-home parents need it too!

    According to pays.com a home-home mother would earn a salary of $ 178,201 if she received a paycheck for her efforts. Remember that this is a statistical forecast. You can also apply this estimate to home fathers.

    The amount of $ 178,201 reflects the roles played by a parent who was at home:

    • Academic Advisor.
    • Auditor.
    • Cook.
    • Dietetics.
    • Facilities director.
    • housekeeper.
    • Laundry Manager.
    • Nurse.
    • credit.
    • Teacher.

    Are you or your partner a parent who is at home? If so, it may not cost you exactly $ 178,201 to replace the services listed above. But it would not be cheap by any means.

    Determine term, permanent or a mixture of both


    To weigh your options, it helps to know the difference between conceptual life and permanent life.

    What distinguishes these two types of life coverings?

    It's like the difference between rent (term) and paying to own (permanent). But there is more than that.

    With life expectancy, you have insurance for a specified period of time such as 10 years.

    Term Life Advantages

    • Cheaper than permanent life.
    • Payments guaranteed for your contract period.
    • Can be converted to permanent life.


    Term Life Disabilities

    • Lasts for a limited time unless you convert it to another type of policy.
    • May not fit longevity needs.


    Benefits with permanent life

    • Builds up taxed cash value.
    • Provides lifelong coverage.
    • The premium does not increase.
    • Offers the opportunity to borrow from the cash value of the policy.
    • Does not change with market fluctuations.

    Permanent life difficulties

    • More expensive than longevity.

    Transition insurance offers a mixture of thermal and permanent coverage. Here is a quick example to show how it works.

    Josh and Sara are a young couple expecting their first child. With a small one on the way, they have a tight budget.

    Josh and Sara expect to pay off their student loans and advance their careers within a few years. They are looking for an affordable life insurance plan that offers full payment upon retirement.

    Transitional insurance would work well for Josh and Sara. This policy provides low cost insurance now, which would provide financial support for the surviving parent and child. At the end of the semester insurance period, the transition life would give Josh and Sara a payment policy to cover final costs.

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    You want to give your family more financial protection. Need help figuring out your life insurance options?

    Do not lose sleep over it! Reach out to your local, licensed Pekin insurance agent to put the right life insurance plan in place.

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