One of the most important times for you to consider life insurance is when you become a parent. The addition of a new baby to your household is one that is life-changing, possibly the most life-changing event in your life. Suddenly, rather than being responsible for yourself and caring for your spouse, you have a brand new person to care for, one that is too small to survive without you. The sad reality is that it is impossible to predict the future. All it takes is one car accident or illness to leave your precious new child without one or both parents.
While no one likes to think about these things, this is the very reason that new parents need to get life insurance. Insurance is about protecting your family when you are no longer around to protect them yourself. Even if you are not the primary bread-winner in your small family, the loss of one spouses income can create a huge financial burden, especially along with the grief and stress associated with the loss of a family member. The need for life insurance is not only there when you have a new baby and even as teenagers or young adults, your children still need financial support.
What does life insurance provide?
Your new baby has only just entered the world, and has a lifetime of memories ahead of him or her. This is the best time to seek life insurance, ensuring that you are able to grow your funds as your child grows. Mothers especially need to be prepared for the unthinkable, as new babies may require additional care such as daycare to look after your child when your spouse is at work.
As your child grows, their needs grow too. Toddlers require additional costs, as well as playgroup or daycare. Growing at a fast rate also means going through clothing very quickly, while it is often at this point that most parents begin saving for primary school, high school expenses and even post-secondary education.
With school fees, extracurricular activities, birthdays, sports, school books and many other costs, school aged children require a lot more support on a financial and emotional level. This is the stage where thought processes develop, requiring a far higher level of planning and support, and ensuring the need for life insurance.
Aside from all the money that is borrowed for clothes and social activities, teens also have school fees, sports, food, school supplies and even computers, cell phones and other devices added to your budget. Losing a parent as a teen is challenging enough already, but with financial support in place, the burden can be minimized to some extent.
If your child is in college or university, their dreams are in the process of being made. Losing a parent at this age is hard enough already, but financial burdens such as debt and bills could mean that your child is not able to study further. Give your child the future you have always wanted for them with life insurance.
If you are a new parent and you are not sure what kind of life insurance is right for you or how much coverage you need, you can reach me on Twitter @AndrewWBradley. This is great life insurance calculator. I am also available to help you understand all your options and explain the different life insurance policies available to ensure you have the right coverage.
The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. I recommend that you obtain your own independent professional advice (preferably me) before making any decision in relation to your particular requirements or circumstances.