When you’re growing your family—with marriage, children, or any other new members of your household, it’s important to start thinking about protecting your loved ones financially with family life insurance. All the responsibilities that come with growing your family can be daunting, but making sure they’re taken care of in the event of your passing is one of the best ways to get yourself some peace of mind.
Buying a life insurance policy is a simple and clear way to make sure you have some of your family’s basic needs covered should the worst happen. Purchasing a policy that helps cover the years your children are growing up, for example, means it will be one less thing you have to worry about while they are young. Here is some information on a few of the policy types available to people looking to grow their families, and how to get the most out of your family policy.
What types of life insurance are available for growing families?
One of the most popular types of family life insurance plans are term life insurance plans. Term life plans mean there is a set sum of money that will be paid out to your beneficiaries in the event of your death. However, term life plans have an end date—meaning if you live throughout the entire term of your plan, you would have to buy a new plan to continue coverage.
The other option is to buy whole life insurance, which is more expensive and offers a guarantee of coverage upon your death. These plans are much more costly and more difficult to qualify for, because they cover you for your whole lifetime. Most people who are growing their families pick a term life policy and opt for an end date when they believe all their new family members will be financially independent.
How can term life insurance protect a growing family?
Term life plans are frequently bought by people who want to set a term of coverage—typically 10, 15, 20 or 30 years—for family members such as children. Typical end dates often include when the children turn 18, when they graduate college, when they start working, etc. Thinking about what life event would give you that peace of mind about your beneficiaries can be one way to determine the end date for your term life policy.
Term life policies can protect your family by ensuring that should you pass away before your children or other beneficiaries are able to be financially independent, they are still able to take care of their financial needs for those year. This can make them ideal family life insurance policies.
What do I need to do to qualify for an affordable term life insurance policy?
Term life insurance policies tend to require a medical exam, family history, and questionnaires about lifestyle. Living a healthy lifestyle fortunately can make a huge difference in your rates if you purchase a term life family life insurance policy.
Living a healthy lifestyle can help protect your family by reducing your risk of serious illness, and it can also help you get better rates on term life insurance. Talking to an insurance agent about the ways you stay healthy can help them find you the best possible deal on a term life insurance policy from the carrier who best understands the hard work you put into your health.