Term life insurance is ideal for parents with young children. It allows you to maximize your benefit payout and still maintain a competitive price. This is due to the term length of the coverage. Term life insurance is temporary, and as such, insurance companies are able to offer a low price since many policies will go unused.
Financial experts typically will recommend that adults with children carry 10 times their annual salary in term life insurance. Additional coverage should be considered if other expenses, such as higher education or aid for older dependents, are anticipated.
Certified financial planner Rick Kahler said that when factoring in expenses, such as daycare, college tuition and orthodontia, parents with young children may want to consider carrying a term life insurance policy between $500,000 and $1 million.
Kahler notes that a one million dollar, 20-year term life insurance policy could cost a healthy young parent as little as 60 dollars per month. He also says you can try to further protect your interests by going with the longest term policy available.
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