Does a new parent need life insurance?

Yes, if you are a new parent, you may need life insurance.

When starting a family there are many financial costs to consider and plan for including life insurance to make sure you can provide financials security for your new family in case you pass away.

Life insurance can work to replace your income for your family, and provide the funds needed to make sure they maintain the lifestyle they shared with you while you were alive.

The death benefit from a life insurance policy can be left to your spouse or family members to use as they see fit, including to pay off a home mortgage, provide money to pay for living expenses, pay for a college education for your children, pay off credit card debt, and provide for retirement funds for your spouse, among other things.

It is estimated that it now costs over $250,000 to raise one child not including the cost of a college education.

And, if both spouses are not working, you may want to consider life insurance on your stay-at-home spouse, too. Because, it would cost a lot of money to pay for all of the work a stay at home parent does for a family.

Learn about affordable life insurance for your family.