When you became a parent, everything changed. You read all the books about what to expect, but nothing prepared you for the way it felt to hold your child in your arms for the first time. Your priorities shifted, and for all the right reasons.
Someday in the future you'll give them a shoulder to cry on after their first heartbreak and the loudest applause in the auditorium when they get their degree. But for today, you can secure their future by securing a life insurance policy for you.
If misconceptions are holding you back from getting life insurance, here are some common myths and truths that may help you better understand why you should consider your coverage options.
Common myths and truths
Myth: It's unaffordable.
A life insurance premium is based on many factors, including the policy type, your health and face amount. A qualified insurance professional can help you select a life insurance policy that best fits your budget and meets your family's individual needs. Think you have a budget that won't budge? Then it's time to get serious about prioritizing your spending. After all, they're worth it.
Truth: There's a life insurance policy for any family budget.
Myth: I don't have the time to set up an appointment to apply for a policy.
Your life insurance premium depends in part on your age and pre-existing health conditions. In general, your age and health will affect the price of your policy. Don't risk an unexpected change in your health status that could make life insurance unaffordable, or worse, prevent you from qualifying for coverage altogether. Most importantly, don't take chances with the financial security of your children should they lose one or even both parents.
Truth: Time is not always on your side.
Myth: It's not necessary for both parents to have a policy.
Truth: It's advisable to have a life policy for both of you.
Even the loss of a stay-at-home spouse could financially burden a family. Consider the cost of securing quality child care and assistance with other household responsibilities. Remember, it's the surviving spouse who will have to pick up the pieces. Life insurance coverage can help ease the additional financial burden, offset employment stress, or reduce the pressure to downsize and uproot the family.
Good advice for parents is to expect the unexpected. Life insurance is one of the best ways to protect your children in light of an unpredictable future.