The importance of life insurance for parents

April 12, 2013 | by | 0 Comments

Life insurance can be a blessing for those left behind when a loved one dies, and as you grow older there will be some point where the decision to obtain life insurance becomes more pertinent.

This decision, as well as the specific timing, will vary according to the individual being insured. Knowing exactly when depends entirely upon your circumstances but for many people, the best time to obtain life insurance is when they start a family.

The intent of life insurance is to provide financial protection for those who depend upon you in the event of your demise. It is common therefore for newly married couples to put off getting life insurance until they have children, mainly because if one spouse were to pass, the other could take care of him or herself.

The best time to take out life insurance for most people is when they start a family

The best time to take out life insurance for most people is when they start a family (file picture / Shavar Ross)

However, when children come into the family the situation undoubtedly changes as the parents are responsible for their needs in addition to their own. Either one or both parents will work to support the family and if one parent dies, then the family’s financial income is seriously compromised. This is where life insurance would come in, providing the additional funds necessary for the family.

The death of a parent is difficult enough without having to significantly change the lifestyle of the family due to financial losses, having life insurance allows for that level of financially stability to maintain your lifestyle. Sometimes the proceeds of a life insurance policy can be used for college, or other significant expenses for a child that may be difficult for a widowed parent to account for on their own.

The premiums paid for life insurance vary according to certain conditions, one of these being the health of those insured, and another being their age. Usually for young adults, premiums are low and some carriers do not even require physical examinations, meaning this can actually be an ideal time to take out a life insurance policy with a provider like who can find the right policy for your individual needs. Also, the fact that adults are often healthiest during their childbearing years means taking out life insurance at this point in your life is a good idea both practically and financially.

Category: Business

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