Life Insurance for New Parents

Posted by on Sep 8, 2009 in Featured Articles. | 0 comments

Life Insurance for New Parents

New parents should understand their life insurance options as soon as they welcome a new addition to the family.  Once you become a new parent, having life insurance is essential.

The financial security of a family is at risk if one or both parents dies.  It is sound planning and a decision that must be made to acknowledge the possibility of premature death.

New babies change insurance needs and it is prudent to review those needs with a licensed life insurance agent.  Generally, parents should use a formula to determine how much life insurance is prudent to cover the financial needs of loved ones.  Your budget is also a large component to the formula.

The most common and affordable life insurance product on the market is term insurance.

Often times, couples will decide to purchase five times their earnings, plus the total amount of their household debt, and sometimes enough to cover college tuition…

Couples will generally choose term insurance because it meets most needs and it is the simplest and cheapest way to insure that your family and dependents are financially secure.

Choosing a term that lasts until your children are through with school and no longer in need of your financial support is also an important consideration.

To learn more if you are a parent, then please contact a licensed specialist that will be happy to discuss your needs.

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