3 Reasons Why Parents Need Life Insurance
For years my husband and I have talked about getting term life insurance, especially since we are a single income family and it something were to happen to either of us it would be very difficult. However, we’ve yet to purchase supplemental life insurance. We have a simple life insurance policy through my husband’s employer but it may not be enough to cover our needs. Life insurance is so important, especially when you have loved ones who depends on you.
Obviously life insurance allows your loved ones to continue to pay bills while they grieve but there are a few more reasons you should considering getting life insurance.
Protect Your Loved Ones
Aside from the grief your family would be dealing with your death would effect so many aspects of their lives. The loss of your income, your debt and the physical contributions you make to your family’s daily life. Caring for children, preparing meals, transportation, cleaning and much more will still need to be provided and may need to be outsourced. The cost of childcare can be astronomical and that additional cause is an unnecessary burden for your family. Life insurance can lessen the burden of daily expenses if something were to happen to you.
Cheaper When Younger
When you are younger you may qualify for a cheaper life insurance plan. Often young and healthy people skip life insurance not now is the time to sign up. Locking in a lower rate now while you are young will give you peace of mind for years to come.
High Cost of Funeral Expenses
The average cost of a funeral is between $7,000 to $10,000. If something were to happen to you would your family be able to pay those funeral expenses.
If you don’t have life insurance I urge you to discuss it with your spouse and learn more about how life insurance works, so you can prepare for your future. Previously, I’ve share ways to save money as a mom by budgeting and living economically but it’s also important to thing about your family’s future. It’s a simple as getting a term life insurance quote, you’ll be surprised by how affordable it is.
This post is sponsored. My opinions are not influenced by the company.
M dad passed when he was 49 and I so wish he had a life insurance, that would have helped so much
Life insurance is an important measure to take once you become a parent for sure. Great advice, thank you for sharing.
Although this is a topic I don’t like thinking about, it’s so important to make decision about.
MY FATHER USED TO SELL LIFE INSURANCE HE WOULD BUY TERM AND INVEST THE REST. THAT IS WHAT WE HAVE ALWAYS DONE.
This is so important You never know what will happen. I just got life insurance for me and my kids last year I’m very happy I did.