What New Parents Need to Know About Life Insurance

  • Posted by Ashley Crawford
  • December 1, 2017 11:18:44 PM PST
Becoming a parent is one of the most amazing -- and frightening -- experiences a person can have.

Becoming a parent is one of the most amazing -- and frightening -- experiences a person can have. One minute, you're an independent adult who's carefully planning their future (and sleeping past 6 a.m.). Next minute, you're bringing your new bundle of joy home and wondering, "How am I going to maintain this tiny, cute human that is completely based on me alive?"

It's scary for certain, but you also have so much to look forward to. Having a child adds significance to your life in ways you'd never anticipate. When your baby cries, you learn the ideal way to hold them and calm their fears. And whenever your infant accomplishes a new accomplishment -- even something as easy as rolling over -- you get to celebrate right along together.

Of course, getting a parent is not all sunshine and rainbows. Along with the enjoyable times, there are lots of real duties to take care of, too. After all, your baby will not stay small forever. 1 evening, he or she'll go to regular school, play sports, and also make friends.

Until that day comes, it is your choice to make the appropriate decisions so you can provide for your family. Even if this means planning for how to safeguard them financially in case you were no longer around. Marshallsart.com

What New Parents Need to Know About Life Insurance

While purchasing a life insurance policy may feel overwhelming, it is really not. Or, at least, it does not need to be overpowering. The procedure has seen some fairly significant improvements and streamlining in the past couple of years. For example, using Haven Life, you can fill out an application entirely online in minutes and get an immediate decision on coverage. A few competent, healthy applicants between 18-45 won't even need to take a health exam.

This should come as very welcome news for parents, who by nature are occupied (putting it mildly). Removing the waiting and confusion from life insurance ensures you now have even fewer reasons to put off buying an extremely necessary product.

According to an ongoing analysis from the U.S. Department of Agriculture, the expenses of raising one kid to 18 years old surged to $233,610 at 2015. This amount believes basics like housing, food, schooling, and daycare, along with the fact that child-rearing expenses tend to rise with age. Bear in mind, that number may vary drastically depending on where you live and the way frugal or not your own lifestyle is.

Ask yourself this simple question: could your spouse or partner manage all of the child-related expenses in case you were suddenly gone tomorrow? For many people, the answer is no.

This is where life insurance coverage becomes so important. It can help ensure your spouse can financially care for the kids if you were no longer around. In exchange for your monthly premium payment to get a term life insurance policy, the life insurance provider pays out a death benefit (in the total amount of the coverage you purchased) that your beneficiary may use to help cover the bills.

Of course, calculating all the expenses associated with raising kids can be complicated. You can use a free online life insurance plan that will help you sort through all the expenses associated with your family's future to provide you with a recommendation for coverage. Salon Poezji

Don't Forget About College

We already mentioned how expensive raising a child to the age of 18 can be. However, the everyday costs of food and shelter do not necessarily end when your child leaves high school.

If you're planning to cover your child's higher education, then you need to factor in the expense of faculty when you buy life insurance. (The above life insurance plan does this, too, incidentally.)

For the 2016-2017 school year, average tuition at a public, in-state university was $9,650 each year. In a private, non-profit school, average tuition exercised to $33,480. These costs are only expected to surge from the future.

With enough life insurance coverage, you can help your children pay tuition and avoid the stifling levels of student debt so many of the young adults face.