What New Parents Should Know About Life Insurance

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Are you a new parent? Make sure to review your life insurance coverage. 

Having a child is one of the most scary and beautiful things that a person can experience. Having a little someone completely dependent on you is a new level of responsibility – and one that should be taken seriously. When you bring your new bundle of joy home from the hospital, remember to consider your life insurance coverage. Here is what new parents should know about their life insurance.

Children are expensive.

Raising a child from a baby until they are 18 can cost hundreds of thousands of dollars. Ask yourself if your partner or spouse could handle these costs if you were to suddenly disappear? Most would say no. This is where life insurance can help. It can help your spouse tend to financial responsibilities when you are no longer around, meaning that debt, funeral expenses, and living costs are covered.

Both parents may need coverage.

Both parents should have life insurance coverage, even if one is a stay-at-home parent. Though that parent may not be bringing home a paycheck, they are still performing valuable services that would cost money if they had to pay someone else to do them. Paying for services such as cooking, cleaning, and childcare is what life insurance can be used for.

Employer-provided life coverage may not be enough.

If you get life insurance through your employer, be aware that it may not be enough to adequately cover your new priorities. Additionally, life insurance should go where you go. Many employer-provided policies are not portable.

For more information about selecting the right life insurance policy to suit your growing family in Phoenix, Arizona, contact the team at American Premier Insurance. As life insurance experts, we’re able to walk you through the process of selecting the right policy to meet your needs.