Life Insurance for New Parents: 5 Things to Consider
Becoming a parent is one of the most exciting, nerve-wracking, beautiful, life-changing events an adult can experience. But, with the arrival of a new baby, hundreds of questions arise. And these questions go far beyond changing diapers or choosing the right stroller for those Sunday evening walks.
As new parents, most concerns have to do with the child’s upbringing and making the right the decisions for a better future. This also includes planning for the unexpected, and this is when new parents start weighing in the possibility of getting life insurance.
While looking for the right plan may seem daunting, it really shouldn’t be. In this article, we will go over some of the advantages of getting life insurance and starting off your chapter as a new parent on the right foot.
1) Life Insurance Is Affordable
Many times, what keeps parents from getting life insurance is a false belief that it’s expensive. The fact is you could get your new plan at a very reasonable price. Of course, several factors come into play when determining the annual premium, but if you’re a healthy parent and in your early 30s, your monthly payment could be as low as $15.
You’ll need to consider all the options and that may also seem complicated, but these days, you can do it online with the simple click of a button. Just look for the best option that suits your family's needs and budget.
2) Starting Early Is Key
Speaking of affordability, a smart way of saving money with life insurance is starting early. It’s difficult to think about unexpected events when you’re in your late 20s or early 30s, but the earlier you start taking these things into consideration, the better.
When it comes to life insurance policies, keep in mind that they will get more expensive as you age. For example, a policy that may cost $20 a month when you’re in your thirties could increase up to $50 for someone who’s over 50 years of age.
3) It Will Keep Your Income
While nobody likes to picture the worst case scenario, it’s always best to have you and your family protected should you pass away. If you leave a child and/or a spouse behind, with a life insurance plan they would continue to receive your income to help them meet their financial obligations.
In addition to this, if you passed away, your plan could also cover your child’s daycare and college. This is certainly something worth thinking about.
4) Better Than Workplace Insurance
Employers normally offer life insurance and it’s a great benefit to have, but the plans they offer are usually not the best. Another thing to consider is, what would happen if you lost your job or your next career opportunity doesn’t offer life insurance? It’s always better to have a backup plan and rely on your own insurance policy.
5) You Can Always Change Your Plan
People often think that when getting any kind of policy, the terms are locked-in permanently and no changes can be made. With life insurance, it’s actually recommended to revisit your plan every once in a while. As your lifestyle changes and family grows, so will the need to adjust your plan.
Having life insurance, regardless of the type of plan you choose to have, will always be better than not having anything at all.
As stated above, life events are often unexpected and being prepared for the worst case scenario will give you and your loved ones a peace of mind. Regardless of the size of your household and budget, Infinity Insurance can help you find a plan that fits your needs. You can select the terms (10, 15, 20 & 30 years) and the amount of coverage you need, and our friendly agents will take care of the rest. Call today for a free quote at 1-800-INFINITY or if you prefer, visit our website, to get started on your life insurance plan today.
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