Three reasons life insurance is essential for young parents
While getting married or welcoming a new child are reasons to celebrate, they’re also reasons to start planning and preparing for your future.
A bigger family can bring more needs, more responsibilities and more worries. In the event a tragedy or crisis strikes, you can help protect your family.
Cedric Roth, an Everence Financial Consultant, works with folks of all ages to help provide them with the financial services that best suit their lives – including life insurance.
Here are three reasons why Cedric suggests getting life insurance as a new parent or spouse:
1. Reduce financial burden when tragedy strikes.
In the event of a disaster, life insurance provides finances your family might need for things like everyday bills, child care, income for your spouse, college payments for your child, medical bills, and funeral expenses.
While life insurance may seem like a frivolous purchase as a new parent or spouse, it may be the best decision you could make for your family.
“Life insurance removes the financial burden after tragedies take place. It’s one less thing to worry about,” Cedric said.
2. Benefit from early acquisition.
The sooner you acquire life and/or disability insurance, the cheaper it often is.
“Most times people in their 20s or 30s are the healthiest they will be,” Cedric said. “You will get the best rates when you’re young.”
Young policyholders are less likely to have pre-existing conditions or develop serious health issues. This reduces the risk for the insurer, lowering the premiums.
3. Ensure peace of mind for your loved ones.
Life insurance isn’t for you, but for the loved ones you leave behind. When the worst occurs, your family shouldn’t need to worry about making ends meet.
“You may think that you don’t need it now, but life circumstances can change overnight,” Cedric said. “If you wait until you need life or disability insurance, you may be denied; then you’re on your own.”
Explore Everence policy options:
At Everence, we offer several different types of policies, and can partner with you to find the policy that works best for you.
We offer:
- Term life policies: Ideal for those who need insurance coverage for a specified number of years.
- Whole life policies: With a fixed premium, these policies allow you to pay the same amount annually for your coverage.
- Universal life policies: More flexible than whole life policies and allow you to skip payment or change your death benefit.
- Disability insurance policies: Provide you with supplementary income if an illness or accident prevents you from being able to work.