If you are expecting a child and are considering life insurance, the first thing I have to say is – an intelligent move! But if this is the first time you are looking for coverage, you may have questions. Here are some typical ones that I’ve heard over the years:
What type of life insurance coverage is best for new parents – term or permanent? Before you figure out what kind of coverage you need, first you have to understand how much death you have to protect your family. You can make a simple calculation online to get the job idea how much you may need for this life to happen with Life insurance needs a calculator.
You can then navigate to what coverage – term or persistent – meets your needs. The advantage of a term life insurance is that it costs at least initially less than permanent. This makes it affordable for young families who may not have a lot of disposable income but have a high need for coverage. Sustained insurance provides both a lifelong coverage and a cash accumulation function, which can be a valuable amount of money that you can tap in the future.
Often, the best solution can be a combination of concept and permanent life insurance. The term policy can give you additional coverage over the years, when children are at home, a permanent policy provides lifelong coverage.
Should you consider different types of coverage if you are working mom versus a stay-at-home mom?
Both work and Stay-at-home moms need protection because what they do for your family is so valuable. While at home the mother is not compensated for her work, if anything should happen to her, it would be expensive to replace all those things she does – from childcare at home to take care to ensure that the family can if they have to go when they are there.
Group insurance is a big advantage, but it is limited in many ways. First of all, coverage is often a lump sum, such as $50 000, or it can be one or two times your fire. It may sound like a lot of money, but my question to you is: Honestly, how long will the money last? And what would happen to your family financially after it had gone?
Second, when you quit that job, you generally lose that coverage. If you don’t have a separate policy to own, you put your family at risk.
Given the number of job changes, you’ll quickly find that group coverage limited to range and money is not the right life insurance plan.
What can I expect to pay for life insurance?
How much you pay for life insurance, is based on a number of things, but the most important age and health. So, it depends on how old and how healthy you are! But here’s an example: a healthy 30-year-old woman may receive $250 000 life insurance coverage (a 20-year term policy nonsmoker) of about $13 per month. This is definitely a lot of peace of mind $13.
And don’t forget your husband or your partner. You two can get $500 000 combined coverage (using, for example, the 2 30-year-olds that everyone gets a $250 000 20-yearly level policy) about $26 per month.
And my last advice: talking with a lifeguard agent can be very important at this point. They can provide an assessment of a need and have the kind of life insurance that works for your family budget. And most people don’t know that a representative will sit down and give this advice free, without any publicity. If you need help finding a health insurance professional, you can start here.