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New Parents Need Life Insurance to Protect Family

If you have just brought home a new baby, it’s time to buy life insurance or increase your existing coverage to protect your growing family. Life insurance helps ensure your family’s financial future is secure, even after you die. Insurance can help put your children through college, provide for your spouse’s retirement and pay off your debts. If you want to make sure your family is able to live comfortably, apply for life insurance quotes.

Employer insurance

Many employers offer life insurance to their employees. However, the coverage is usually not enough to make sure your family can continue to live in the lifestyle that you have been able to give them. In addition, an employer-provided policy is not portable. So, if you take a new job or are laid off, you will lose your life insurance coverage. That’s why it’s important to buy your own life insurance policy as soon as you have dependents, and you are still young and healthy. When you plan to buy coverage for your family, make sure you obtain several life insurance quotes to get the best price.

Stay-at-home moms

Both parents should have life insurance, even if one of them stays home to care for the children. However, studies show most women are less likely to have life insurance than their husbands. If a mother doesn’t have enough life insurance coverage when she dies, her family could face financial hardship. Almost two-thirds of American families depend on two incomes to make ends meet. Even a stay-at-home mom provides her family with services worth more than $120,000 a year, cooking, cleaning, caring for children, shopping for the family’s provisions as well as assuming many other valuable responsibilities. Make sure you and your spouse have coverage, when you apply for life insurance quotes.

Sufficient coverage

As a general rule, you will need a policy that covers five times your earnings, your household debt and your children’s college tuitions. Many financial planners recommend new parents buy term life insurance. Term life insurance is for a fixed period of time. You can buy term insurance for periods of one year to 30 years. Some planners recommend you buy life insurance for a term that ends when your children are expected to have graduated from college and are no longer financially dependent on you. If you think you may want lifelong coverage, make sure your policy lets you convert to either a permanent whole life or variable life policy. Converting to a different policy will be cheaper than buying a new one.

When you are ready to buy a life insurance policy, you can call agents in your local area, contact insurance companies directly or use InsuranceQuotes.com to instantly get competitive life insurance quotes from the nation’s leading insurance providers. Simply fill out a short online form on InsuranceQuotes.com to find the right insurance coverage at the best possible price in minutes. Take the time to protect you and your family today.

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