You may not have ever given a thought to life insurance until this little bundle joy rest helplessly in your arms. With the addition to family, there is an increase level of responsibility and everything is changed.
Babies come with lots of responsibilities and expenses all the way until they’re in college. You want to provide your child with the best life possible to achieve their full potential. You want to be sure that you’re there to provide and protect your child as best as you can.
Getting life insurance coverage is a simple way to provide and protect your child and family in case you no longer can do it yourself.
A life insurance policy cannot replace your love and passion for your family, but it can definitely replace the income and monetary value you provide to your family so they can continue to maintain their current lifestyle, continue to stay in their “home” that you work so hard to purchase for your family, and also college tuition for your children.
A recent report puts the average cost of raising a child born in 2015 at a whopping $233,610. Families with lower incomes are expected to spend $174,690 per child, while higher-income families will spend $372,210 on average.
It is estimated that a middle-income family will spend between $12,350 and $13,900 a year on child-rearing expenses from birth to 17 years old.
If you pass away today, can your spouse raise your children, support the household, pay for mortgage and save for college all by him/herself?
Even with emergency fund in place, most households would feel the financial impact from the loss of a primary wage earner in less than 6 months. One in three households would have immediate trouble paying for living expenses if the primary wage earner were gone.
Insuring Both Parents
In most families in Hawaii, both parents work, sometimes 2-3 jobs just to provide for household expenses, costs of caring for their children and mortgage payment. That's one reason for both spouses to be adequately insured.
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Even in cases where one parent stays home to care for a young child, that parent should be insured. It’s a misconception that a stay-at-home parent doesn’t need life insurance.
But think again…
If you're providing for someone it's not just income that you make as an employee, it's the value you're providing taking care of a dependent.
If you’re the stay-at-home parent and you die uninsured, who’s going to take care of your child? Can your surviving spouse stay quit his/her job to stay home to take care of your child or can he/she afford to pay for childcare?
With a life insurance policy in place, your benefits can help cover these costs as well as other necessary expenses required to raise your child.
Your workplace policy isn’t enough
Many companies offer group life insurance as a benefit for employees. The payout is often pretty low and it is not meant to be enough to replace your income.
Your employer-provided life insurance policy doesn’t follow you when you leave your job. What happens if you lose your job or leave to work someplace that doesn’t offer life insurance?
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Get Insured Now When the Premium is Low
The cost of life insurance is not based on your credit rating, savings or assets. It's determined by your age and your health.
If you're a couple in your 20s and healthy, you'll pay a lot less than what you would have to pay in your 30s and 40s.
Get insured now before your health start to deteriorate and affects your ability to qualify for affordable life insurance.
The younger you buy, the cheaper it is.
Contact us today to get a customized policy to meet your family’s growing needs at an affordable rate.