a parent, you would do anything to protect your children. However, no one has a
crystal ball — what will happen to your little ones if the unexpected takes you
out of the picture prematurely?
insurance lets you provide your family with financial protection that it would
take a lifetime to save. It keeps your mind from whispering, “what if” at 3
a.m. Here’s what moms need to know about this powerful planning tool and how
they can get started protecting their loved ones.
insurance companies write a life policy, they use actuarial tables to determine
chances of surviving until your next birthday. Like it or not, you can’t
stop the aging process. With every passing year, any coverage option will
increase in expense.
this seem unfair, considering most young parents have little in their coffers
until they hit their 30s or 40s? Perhaps, but don’t let that dissuade you from
talking to agents from various companies to discover all your options. Locking
in a lower rate when young can save you thousands over the life of your
one of your folks pay for the price of your premium for a year, perhaps as a
shower present? Grandparents can spoil your infant with practical gifts, too,
and if the unexpected does occur, they’ll benefit if they decide to take over
your first price check includes only whole life policies, you might mistakenly
assume that life insurance is out of your budget. Please don’t throw in the
towel so quickly. Multiple factors influence how much you pay, including your
health, lifestyle and type of policy selected. Many term
policies have lower monthly rates if underwriters expect you to
survive past the coverage period.
can also decrease costs by kicking the butts. Your health exam can catch you in
a lie with considerable accuracy — don’t fib on your application. If you do,
your beneficiaries might not receive a payout if you die. However, for each
year that you remain smoke-free, your rates can decrease.
measures you can take to decrease costs include shedding excess pounds. While
you can’t do much to change your health status if you have a heart defect or
Type 1 diabetes, you can refrain from activities like parachuting that can
drive up your rates considerably.
want your coverage to protect your children, so it’s only natural to pencil
them in as primary. Think twice before doing so if you want them to avoid
hardship and hassles after you die.
states have laws prohibiting the
distribution of funds to minors until they reach the age of
majority. If you die before your child turns 18, the courts will appoint a
legal guardian. These individuals can pay some costs from the proceeds, but they
can only do so within strict guidelines. Your child could endure considerable
economic hardship before they reach the magic birthday.
many parents invest in life insurance as a method for financing higher
education. You want your darling to focus on their studies during their junior
and senior year of high school, not stress how they’ll pay their coming
a cash value that you can borrow against to do whatever you like. You’ll
pay a considerably lower interest rate than credit cards or personal lines of
credit. Many parents double-dip by using their insurance as both protection and
a college-savings vehicle. Your children won’t start life suffocating under
student loan debt if you can borrow against your policy and cover the
What if your children don’t go to school? Wouldn’t you like to know the “bank” would almost always say “yes” to a loan to build a new deck or spend a month backpacking through Europe? A whole life policy gives you that borrowing flexibility.
while you don’t want to dwell on the negative, life isn’t pretty for the
economically disadvantaged in America. Because the nation lacks the vibrant
social safety net of other developed countries, not having money means going
without basics like health care, food and housing.
parents would rather die than let their children go hungry, and they don’t want
to leave their little ones to
decide between needed insulin and a meal. You can often obtain
term coverage for the price of one mid-range casual restaurant meal per month.
Isn’t that a sacrifice worth making to spare your family from poverty through
no fault of their doing?
a mom, you must make wise decisions to protect those you love most. Arm
yourself with this life insurance knowledge and protect your family with the
right coverage today.