Importance Of Life Insurance For New Parents
Being a new parent is one of the most exciting
, rewarding, yet challenging, life events that a person can experience. The joy of having a new child is an overwhelming emotion, and equally intense is the feeling of responsibility that also comes with being a new parent. As a new parent, you obviously worry about and work hard to provide for you baby. Your baby relies on you for food, shelter, and all other life necessities.Not only do new parents focus on providing for their new baby, but also protecting their baby as well. New parents spend a great deal of time making sure their new baby is protected from physical harm. Too often, however, new parents overlook other dangers to their baby. One commonly overlooked peril, or danger, to the baby is what would happen to it if the primary income earner in the family was disabled, or worse. It is not a pleasant idea to entertain, but would the baby be provided for if the primary income earner in the family became deceased or disabled? Having life insurance can completely mitigate this risk.
New parents who get life insurance are insuring that their new baby will be provided for should something happen to one or both of them. It is easy to see how insuring against the unitimely death of the primary income earner is important, so that the expenses of the family can still be met, but it is also equally important to insure against the loss of a stay-at-home parent. Losing a stay at home parent means that, at the very minimum, day care is probably now a new expense. And what about meal preperation and house cleaning, among other things that a stay-at-home parent does? The value of a stay-at-home parent is hard to replace.
What life insurance should new parents get? When comparing life insurance quotes, new parents should know that there are two types of life insurance, referred to as term insurance and permanent insurance. Life insurance quotes can be obtained online or provided by an insurance broker in person. Many new parents will probably feel uncomfortable with the high premiums associated with a permanent life insurance plan, such as whole life. However, many new parents don't necessarily need the guarantee of lifetime insurance or the savings component of a permanent life policy. Instead, term insurance, which is a pure form of insurance with no savings component, is sufficient and more cost-effective than permanent insurance for many new parents.
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