Life Insurance For New Parents

You've become the proud parents of a baby girl or baby boy. The last thing on your mind is life insurance, yet this is the best time to purchase a policy - you are still young, and most likely, healthy.

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Getting life insurance while young is the best way to avoid your family getting into financial trouble if tragedy strikes.

The younger you are, the lower your life insurance premium will be. If you put off purchasing a life insurance policy until later, you end up paying a lot more money, and your family will be at financial risk.

Many companies, Gerber Life is one of the biggest names, sell life insurance policies to parents for their children. Coverage is usually for $5,000 or $10,000, but the monthly premiums are minimal. This is one excellent way to start your child out with a gift that will last. Their rates are locked in for at least twenty years and they have the option of renewing for a much lower price when the time comes.

More importantly is for parents to make sure they have their own life insurance coverage. If anything happened to you, could your significant other and your children survive in the lifestyle to which they are accustomed? Many times, both parents work, so the household is dependent on the two incomes. If you died, would your children and spouse or significant other have to sell the house or personal possessions in order to survive?

New parents: Get a customized life insurance quote!

Though it may not seem likely, you have no way to guarantee when your last breath will be taken. Car accidents, disease, unexpected tragedies—you can't plan for them. A life insurance policy is the only way to ensure money will be there to pay for your funeral expenses and provide your family with an income after your death.

There are two ways to go with life insurance: term life or whole life. Term life comes with a renewal date, usually twenty years after the policy begins. Term life premiums are usually extremely low and more than affordable for the average man or woman. Whole life payments are higher, but a portion of the payment is set into an interest-bearing account that can be used later to pay for college or help cover unplanned expenses.

Whole life insurance plans are more expensive, but the rates are locked in. Twenty years down the road, you will not be paying more. This makes them extremely beneficial as you age. With term life, the older you are, the higher your life insurance premiums.

New Parent: Get your average life insurance rates!