Starting a family & life insurance
Starting a family prompts you to reevaluate your life in multiple ways. Family becomes your main focus and financially you may be reduced to one income while one parent chooses to stay home and care for a new baby.It’s the financial pressures of starting a family that usually prompt new parents into considering a Life Insurance policy. And for good reason. With the family dependant on the income of the single working parent, it’s important to ask yourself how your family would manage financially in the event of tragedy. If one parent was to pass away how would the family manage financially? Who would care for the kids? How would the mortgage get paid?There’s no way of knowing what life will bring. But with a life insurance policy you don’t have to worry about the unknown. You can get on with life; enjoying your family and helping your children grow and learn.
Why get a life policy as a new parent?
As a parent, having a good life insurance is vital for your peace of mind. Consider how you family would survive financially if anything happened to you, or both you and your spouse. Logistically, if your children were left without both parents there’d be the trauma of grief and moving house and school to live with relatives. But with life insurance, you can be reassured that your children would be left with a secure future.
How a life policy works with children
When you purchase a Life Insurance policy to protect your spouse and children, there are a few things to consider.
Firstly, it makes sense that you would choose to insure the working parent so that in the event of their death, the parent who cares for the children would be able to continue to do so without being forced to go back to work early to pay the bills. However, it’s also wise to consider what you would do if the sole caregiver were to pass away. Would you continue working full time? Or would you prefer to become the caregiver, opting to be home for your children instead? If so, it might pay to invest in an insurance policy for both parents.