The following “Why Do Parents Need Life Insurance?” is a sponsored post on behalf of Responsival. Opinions expressed are that of my own.
When you are a young adult, the furthest thing from your mind is life insurance. You are experiencing so many new and different things, maybe starting a new job, going off to school, or even finding love. You feel pretty invincible and death is something far far away in the future.
As you get older though, life events begin to make you start to think about grown-up ideas. The reality of adulting starts to set in and you have to start thinking of your future.
Like for example: It just isn’t me now, I have a spouse to consider when I make choices. Or, you start thinking of how you should start saving for retirement. If you are expecting your first child, you then worry whether or not you will have enough health insurance coverage to take care of the delivery.
You also begin to question whether certain activities like sports, roller skating, or even yard work, are worth the potential bodily harm.
However, a major life event will trigger the life insurance discussion; such as the birth of a child – What happens to my child if something happens to me?, an illness or accident- Boy that was a close call, a death of a parent – We will all pass eventually, have we made proper arrangements for each other? or witnessing a friend suffer financially due to the loss of a spouse – I don’t want that to happens to us.
So Why Do Parents Need Life Insurance?
#1 Living Expenses – Like in my particular situation, I am a stay at home mom. I may need assistance with living expenses if my spouse were to pass away. This would give me time to mourn as well as time to find adequate employment.
#2 Paying off Debts – If you have a house payment, credit cards, or medical bills, you can feel good about the fact that you can help wipe out the balance for your loved ones.
#3 Inheritance- If you would like to leave something to help children save for college or a down payment on a new home, this is a way to provide for your dependents.
#4 Childcare – Again, like in my situation, as a stay a home parent I am the main caregiver for my children. If something were to happen to me, my husband may need to pay for child care expenses and this would help. If I was single, I would want to make sure that estate planning was in place and my children would be taken care of by my family as well as financially.
#5 Peace of Mind- Whether you want to leave funds for your spouses living expenses or their retirement, or simply an inheritance for your kids, there is no time like the present to get term life insurance quotes. This will not only help with plans for the future, but will help relieve some of the worry of whether or not they would be provided for if something happened to you.
I hope these details help to answer the question “Why Do Parents Need Life Insurance?”
Carlee @ FLL
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