- What kind of life insurance do I need if we’re expecting a baby?
- February 18, 2014
Most couples understand the importance of saving enough money for a comfortable retirement, but throw a baby into the mix and plans change. If you’ve recently welcomed a child into the family, you’ve probably added clothing, furniture and diapers to the shopping list; have you thought about life insurance?
A couple expecting a baby needs to make sure that things such as wills, health care proxies and powers of attorney are taken care of, reports the Boston Globe. Balancing expenses for life insurance, retirement and college should be handled with care.
US Department of Education claims that over 200,000 dollars will be spent on raising a child, which can give you some idea of the dollar amounts that go into clothes, food, childcare and education needs. Over 75,000 dollars of that amount will be spent on tuition fees, room and board, books, and other college expenses alone.
Term life insurance is an affordable insurance for young parents on a budget. You can purchase for a specific period of time, for example, until your children graduate college, and not be tied to whole-life insurance. According to the Life Foundation, 86 percent say they haven’t bought life insurance because it is too expensive yet overestimate its true cost by more than double.
Even though it’s something no one likes to think about when planning for the joyous occasion of having a child, purchasing a life insurance will ensure that your loved ones will be taken care of.
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