Why young families need life insurance

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Thinking about the future isn’t always easy, especially when it comes to complicated topics like finances, health, and what would happen in an emergency. It’s a tough scenario to imagine, but in the event that you or your partner were to pass away without the financial safety net of life insurance, it would be harder to provide for your family.

Parents, especially ones with young children, need to consider life insurance early to make sure their families are protected no matter what the future brings. Most Americans say that they don’t have life insurance because it’s too expensive; thankfully, most people overestimate the costs. One survey showed that people assume buying life insurance would be two to three times more expensive than it actually is. Getting life insurance now, while you’re young and healthy, will also make it a lot cheaper. Every year you wait could add 10-15% to your premium.

Having life insurance will benefit you in many ways, including:

  • Replacing lost income: Insurance can replace the income your family loses with the loss of a primary wage earner. Also worth considering is if a parent who was providing childcare passes away, life insurance can be used to pay for childcare.
  • Future costs like college: Having a child is expensive. When thinking about lost income, it’s important to take a long term view. It’s not just the diapers you buy today, it’s diapers for the next three years. It’s not just onesies and a crib, but clothes and furniture and food for twenty years. Today it’s daycare, tomorrow summer programs, and one day college tuition.
  • Covering existing debts: Speaking of college, what about your current debt? Your mortgage or rent, your car payments, and your student loans all stick around whether or not you’re there to pay them. Life insurance means that you won’t leave a burden behind you.
  • An emergency fund: A recent poll showed that 62% of families without life insurance would be in immediate financial trouble if the primary earner in the family died. No matter your family’s financial situation, the loss of a parent is a tragedy. A life insurance policy ensures that a loss isn’t also a financial emergency.

Buying life insurance doesn’t just provide these future benefits; it also has benefits that you can see now when you buy early. Your rates will be cheaper the younger you are, you’ll have a financial safety net for your family going forward, and you’ll have permanent peace of mind knowing your loved ones are protected.

As with any important step in life, there’s a lot to consider when you’re choosing a life insurance plan. That’s why we’ve partnered with PolicyGenius to give you the easiest path to life insurance.

PolicyGenius is a digital insurance website that provides accurate and transparent quotes and unbiased advice. They’ve helped American families buy over $5 billion in life insurance. They do all the hard work for you, from vetting and comparing dozens of providers to delivering actionable information. When life insurers compete for your business at PolicyGenius, you can save over 70%.

Life insurance can be intimidating, but you shouldn’t put it off for another day. Click below to get your free guide from PolicyGenius to learn how to find the right coverage for your family.

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