Being a parent is a big joy - and a huge responsibility. Those little eyes look up to you and count on you for everything. Food, shelter, hugs in the middle of the night... And they trust you to keep them safe and secure.
In return, you provide them with everything they need, even if it means getting out of bed in the middle of the night. Yet many parents put off financial planning, only to realize later that it would have been much easier and cheaper if they had done it sooner.
Start With A Plan
"Action is the foundational key to all success." - Pablo Picasso
Financial planning, setting a budget (and keeping to it), saving for college and always trying to get a good deal can be time-consuming and hard. It can take years of planning, countless hours calculating returns and a lot of sacrifice.
On the other hand, protecting your family with life insurance is one of the easiest things to do. And it only takes a few minutes to get a quote and costs less than a few nights out.
60% of people under 45 believe recreational activities (like going to the movies) is more important than protecting their loved ones with life insurance according to a recent LIMRA study.
Life insurance is the cornerstone of a solid financial plan. With it comes peace of mind knowing that the financial well-being of those you love is protected. Your challenge is not if you should get life insurance, but what kind is right for you.
There are several types of life insurance available to choose from. Whole life, universal life and variable universal life are just a few. However, term life is one of the most practical, especially if you are part of a growing family.
Here are the three top reasons.
1. Your Time Is Limited
"Don't try to make children grow up to be like you, or they may do it." - Russell Baker
For starters, term insurance lasts only for the period of time its purchased for. It's usually available in 1, 10, 15, 20 and 30 year periods. This means that if your youngest child is 5 years old and you want to make sure they will be financially secure until they are 20, a 15-year term might be right for you.
A 20 or 30 year term is appropriate for the children to grow-up and (hopefully) move out. (Or for the mortgage to be paid-off.) After this time, your life insurance needs are reduced.
2. Your Budget Changed
"Thrift is of great revenue." - Marcus Tullius Cicero
Another reason it's great for families is the cost. Once children enter the equation, the amount of disposable income people have drops.
Thankfully, term life premiums are considerably lower than those of other kinds of life insurance. Since term policies expire at the end of the term, the insurance company does not take on a great amount of risk - even for high insurance amounts. This is because you are less likely to die at a younger age.
For example, a 30-year-old male who does not smoke and is in good health may expect to pay around $35 a month for a $500,000 30 year term policy. A permanent policy could easily be three times that amount.
3. Simple Is Better
"It is always the simple that produces the marvelous." - Amelia Barr
The third reason? Term insurance is simple.
Premiums are paid to the life insurance company. If anything happens to you, the policy is paid to whomever you choose. If you come to the end of the term, the policy expires (although your company will typically offer other coverage options) and there is nothing left to pay.
That's it in a nutshell. Basic financial security at a low cost.
Start Your Plan Now
Life insurance says "I Love You" when you can't, giving your loved ones peace of mind. This peace of mind comes at a cost that's less than most people spend eating out.
Start today by getting a free, no obligation quote. Just complete the form on this page and see for yourself.