Why New Parents Need Coverage
The moment you become a parent, someone depends on you for everything. Life insurance ensures that if something happens to you, your child will have the financial support needed for food, shelter, education, and a stable future.
Both parents should be covered — even stay-at-home parents. The cost of replacing childcare, household management, and other services a stay-at-home parent provides can exceed $50,000 per year.
How Much Coverage Do Parents Need?
Most financial advisors recommend 10 to 15 times your annual income. For parents, add $100,000 to $200,000 per child for future education costs.
A 30-year term policy aligns well with raising children to adulthood. By the time the policy expires, your children should be financially independent and your mortgage may be paid off.
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Apply while you're young and healthy — premiums increase with age. A healthy 30-year-old can get a $500,000 term policy for as little as $25 per month.
Don't wait until you have health issues. Pregnancy is actually a great time to apply for coverage, as most carriers will underwrite you normally during pregnancy.