Procreating seems to be rather popular on this planet. People love having children. It seems to give life meaning and all that good stuff. You know what’s not popular on this rock? Buying term life insurance when you’re young and healthy. Generally speaking, when you start popping out babies, you’re young and healthy. Why would you not buy term life insurance even before baby is born? Perhaps you thought it was a painful experience or perhaps you thought it would be expensive. None of those factors are true anymore. 15 minutes of your time and a tiny fraction of your income and your baby is protected from catastrophic loss, aka you dying.
You’re going to be a parent, step up sunshine!!! The most important purchase you can do for baby is to buy term life insurance. It’s not the $500 stroller that comes with air conditioning and built-in wifi that will change baby’s life. It’s you dying without life insurance that will change baby’s life….
What is life insurance?
Broadly speaking, term life insurance provides financial security to your loved ones if you were to unexpectedly die. As a parent, a term life insurance benefit can allow your surviving spouse or partner to continue to pay the mortgage, cover childcare, and maintain your family’s standard of living. Of course, it would be devastating for your family if you were to die, but a financial cushion means your family wouldn’t also need to deal with financial insecurity or an unexpected move.
I want to buy life insurance to protect my kids. Shouldn’t I wait until they’re born?
Nope. You can buy term life insurance at any time, and term life insurance is cheap when you’re young and healthy. That means that even if you don’t have kids yet, you can still buy a policy and lock in rates when you’re young and healthy. If you were to buy a 20-year term policy at age 30 and have kids at 35, you would still have 15 more years of protection in place at the same locked in rate.
Can I get covered for life insurance while I’m pregnant?
Yes. While you should disclose your pregnancy on your medical forms, a normal pregnancy isn’t something that precludes you from getting a life insurance policy. And since you’ll be super busy once baby is born, it may be a good idea to buy term life insurance from dropdead now. dropdead applications are entirely online. You need to do a quick questionnaire, and that’s it. No medical exam. Sweet!!
I’m planning to stay at home with my child. Why do I need term life insurance?
Term life insurance doesn’t only protect against the loss of income if a parent were to die. If a stay at home parent died, who would take on childcare so the other parent could continue to work? For stay at home parents, life insurance can help ensure that the family needs can still be financially taken care of in the case of devastating loss. Obtaining term life insurance is independent of whether or not you’re employed, so even if you are planning on staying at home, it may be a good idea for you and your spouse to consider purchasing individual policies.
Isn’t term life insurance just one more expense?
While most infant expenses are astronomical — do you know a year’s supply of diapers can cost over $500 — life insurance is one cost that’s surprisingly affordable. In fact, it’s possible to get a $450,000 policy for as little as 70 cents a day. For less than the price of diapers, you’re buying peace of mind for your family. A robust term life insurance policy can fit in your budget, even when you’re budgeting for three (…or four…or five). And remember, term life insurance isn’t an all-or-nothing thing. Even if you can’t afford to buy the amount of coverage you ideally want, getting a modest coverage amount will be meaningfully more helpful to your family than skipping insurance altogether.
you could wish for.