When you purchase term life insurance, usually you are doing it for your dependents and family members. Having a child on the way definitely means itís time to purchase a life insurance policy if you havenít already. Every family is unique, and therefore will have a specialized plan.
Term life insurance provides coverage for a certain period, such as 10, 20 or 30 years, so it is up to each unique family to decide what is best for them. Weigh your budget, lifestyle and how much your loved ones will need when purchasing your policy. So what are some of the benefits of purchasing term life insurance for families with children?
If you were to pass, you will want your children and spouse to be able to live the life they were living with you without many additional dramatic changes. Life insurance will help make sure your children have financial support.
If both spouses in a family work, the cost of child care can range from $500 to $1000 each month- adding up fast! When taking out a term life insurance policy, you want to have enough coverage to continue covering the childcare throughout their young years of their lives.
If your child is enrolled in private school or plans to further their education, you will need to expect to save more money for their education(s). Choose a term life insurance policy that will provide them the proper finances for their education no matter the situation your family is in. When you consider purchasing life insurance for your children, look at the big picture including all of your finances, future, education and lifestyle. The important question to ask is: Does your family have enough life insurance to provide for each other and your dependents if someone were to pass?
Our knowledgeable licensed agents can get you a free quote and help you get life insurance that meets your family's needs.
Click below to request your free term life insurance quote or call us at 1-877-794-TERM.
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Term Life Insurance products are offered through TMFS Insurance Agency LLC, a separate company, affiliated with Financial Engines Advisors, L.L.C. (FEA), in states where licensed. TMFS Insurance Agency, LLC is under common ownership with FEA. Each entity is its own separate entity that provides services for its client independent from the other.