When to Buy Life Insurance: Having Kids
Whether you and your spouse are expecting a first child or are in the middle of adoption proceedings, you know that soon you will have total responsibility for the life of your baby. You anticipate the joy that will come, but you also know that there will be outgrown clothes, medical expenses, braces, and school tuition. You look forward to each challenge as a part of parenthood, but you should also consider what would happen to your spouse and child if you were no longer present.
Protect your family by requesting a life insurance quote.
What kinds of life insurance do you need if you have children?
- Your child is completely dependent on your income for two decades. Children need clothes that fit, a roof over their heads, medical, vision, and dental care. They may also need ballet or music lessons, a computer for schoolwork, and a fund for college. A term life insurance policy can anticipate all these expenses and is relatively inexpensive. Once your child is grown, you can cancel the policy.
- If you have or adopt children, both you and your spouse will be contributing much more than income to the family. Childcare expenses (including that of a babysitter, chauffeur, nurse, tutor, or maid) will need to be covered if the primary caregiver dies. The cost to replace these services should be included in your life insurance plan.
- Planning for college expenses should begin before a child is born. A whole life or term policy, or one that allows more rapid growth through investment such as a variable life insurance plan, can ensure that funds will be there for your child even if you aren’t.
- A special needs child may need more protection for much longer than most children may. A combination of term life for the growing years and an annuity or whole live plan for that child’s adult years can ensure that medical needs and proper care are available for life.
Adequate insurance on both parents can allow the remaining parent to focus on the needs of the children instead of taking on extra work in order to pay bills. Remember to review your insurance after the birth of each child in order to make sure your coverage will be adequate for your family’s needs should you not be present for them.
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