As a parent, you want your children to be safe and secure. In the event that you pass away unexpectedly, your children shouldn’t be left in a tricky situation. For this reason, it’s important to enroll in the right life insurance policy. Life insurance can make your children’s lives much easier when you’re gone, so it’s worth the small investment. This isn’t an article about how to get the best policy or whether you should get term life insurance vs. whole life insurance. I want to talk about the reasons behind the technicalities—the why, not the how. With that in mind, check out these eight important reasons for parents to get quality life insurance.
A funeral is your loved ones’ time to say goodbye and gain some much-needed closure. Unfortunately, a good funeral can be very expensive. While your children probably won’t be focused on the catering or decorations, they’ll notice if these things are bad. This can be a very difficult time for your children, so any effort to soften the blow and make things more comfortable is worth it.
Your children rely on their parents’ income for food, shelter, heat, clothes, and every other basic need. Without the right life insurance policy, they may be stuck with a relative who can’t afford to provide the quality of life that your children deserve. The right life insurance policy will ensure that your children will be properly clothed, fed, and provided for in the event of your passing.
Life insurance is not a one-size-fits-all affair. Your needs are unique, so you should get the policy that best reflects your family’s financial realities. Thankfully, there are a ton of options out there, and you can spend your time diligently picking through them. A reputable insurance broker can help you mull over your options and explain all of the minutiae and fine print that may be relevant to you and your family.
Although you may believe that life insurance is too expensive to afford, that couldn’t be further from the truth. First off, life insurance pays for itself in the event of an unexpected death. Secondly, most policies come at an affordable monthly rate. Since there are so many different policies to choose from, you can pick one that protects your family while remaining within your monthly budget.
Most life insurance policies adjust your monthly rate based on your health and habits. If you’re a smoker or engage in other unhealthy behaviors, then there’s a good chance that you’ll have to pay a higher rate. This can give you the perspective that you need to make some serious changes and live a healthier life. After all, you want to be there for your children for as long as possible, so it’s a good idea to start making healthy changes as soon as possible. Not only will getting healthy give you more time in this world, but it can also help you save money on your insurance premium.
So You Can Have Peace of Mind
Do you worry about what will happen when you’re gone? Does the thought of an unexpected death keep you up at night? To some extent, it’s normal to worry about these things, but you shouldn’t let these worries dominate your life. With a good life insurance policy, you’ll know that your children will be financially secure when you’re gone. That may not ease all of your worries, but at the very least, the knowledge that your kids will be in a decent financial position can take some of the stress away.
Your children love you, and they’d be mortified if you suddenly passed away. Your death would already be so hard for them, but financial destitution could make their troubles even worse. The right insurance policy will ensure that your children don’t have to worry about the basic necessities while they grieve for their lost parent.
Higher education is expensive, and the price increases every year. Without the right life insurance policy, your children may not be able to afford college, trade school, or some other form of higher education. Since the cost of education continues to increase, they may have a very hard time finding a cosigner on a student loan. By enrolling in a quality life insurance policy, higher education and career success will be more attainable for your children in the event of your untimely death.