Four Things All Parents Need To Know About Protecting Their Kids

Before your first child is born, you have no idea the depth of feeling you’ll have for that new little person—and how you would move heaven and earth to protect him (or her) from harm. From using a car seat to baby proofing your home, protecting your child is a job. What many parents don’t consider, however, is how those protections needs extend into their financial lives as well.

Being a parent usually means increased expenses. Your family most likely relies on your income, or if you’re a stay at home parent, everything you do at home. So, what would happen if you were to die prematurely? How long would your family be able to carry on without your income or your ability to take care of the day-to-day work at home?

For most the answer is: not long – unless you have adequate life insurance protection. Here are four things all parents should consider:

1. There’s no time to wait. 

We all think we have a tomorrow, but that may not be the case. It’s impossible to know what the future holds, so the goal of life insurance is to help provide a safety net for the unexpected – whenever it might happen.

2. It’s likely less expensive than you think. 

Most people overestimate the cost of life insurance. According to information in the recent survey by Life Happens and LIMRA, consumers think it’s twice as expensive as it really is.¹ 

3. Your coverage at work may not be enough. 

Typically, it’s only one or two times your salary. While that sounds like a lot initially, you have to keep in mind how much your family would need.

4. Help is free. 

A life insurance agent can help you assess your needs and suggest the right amount of coverage that works within your budget. There is no fee for this consultation and, of course, no obligation.

5. Be sure BOTH parents are covered. 

Often families insure only the main breadwinner. That is a huge mistake. Insuring both parents - whether one stays-at-home or not, helps add financial security if either were to die.

¹“2016 Insurance Barometer Study,” Life Happens and LIMRA, January 2016