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Life Insurance For Young Families

When most people marry and decide to start a family, nothing in the entire world is more important to them than the well being of their spouse and children. When a mother has a child, the world fades behind her, and the parent’s sole reason for living is to protect their children. You’ve heard of the crazy adrenaline stories when a parent’s child is in danger. Women have picked up entire cars to unpin their offspring. There is no stronger bond or love in this world.

Knowing this common sense information, one would think it’s a given that all young families would have dependable life insurance in place. A no brainer for ensuring life long financial stability and protection for one’s children, life insurance is a decade long safety net that is absolutely required if something were to happen to one, or both, parents. It is surprising then when many young families don’t elect to purchase life insurance. Seen as another redundant insurance and painful signup process, life insurance is pushed to the back burner over health and car insurance. Most people assume it’s too bureaucratic and difficult to secure quality life insurance – there just simply isn’t enough information and advertising surrounding it. But, if more people knew how easily attainable and affordable life insurance is right from the convenience of their laptops, there’d be a lot less uninsured young families.

What if we told you it’s possible that life insurance actually increases your net wealth? Have you ever considered that when you buy life insurance you increase your spendable income? We all have responsibilities that we pay special attention to. We have to save for retirement. We must create an emergency fund, just in case. Surely we take care of our bills thereby maintaining a decent credit rating. These needs don't go away because we are no longer here. The survivors have the same things to think about as we do now. Adequate life insurance can make it much easier on them.

Like we mentioned above, if a couple is married and have young children, the need is dire for adequate life insurance coverage. The family is going to need the income that we will no longer be here to earn. The mortgage or rent still has to be paid. That insurance premium that you now pay to cover the house in case of a fire or may be a hurricane still needs to be paid. The health insurance policy will always be needed.

The surviving spouse and children still need to eat. They still need to wear clothing. The children still need to participate in those extra curricular activities that you so enjoyed paying for while you were here earning the income. They need a car and they will still have all the expenses that this includes like monthly payments if money was borrowed to buy this car. The car has to be insured and maintained. It will need gasoline and oil to keep running.

And what if you’re a business owner?

If you own a business whether a sole proprietorship, a partnership or a corporation you need life insurance. The sole proprietor and the owner are one in the same therefore all the debts incurred by the business are debts of the owner. Life insurance is needed in partnerships and corporations to fund buy sell agreements and for key employee insurance.

If we have all things covered we have a little less to be concerned about. We have funds available that we could not touch if we did not have that life insurance policy. Of course we need to invest and we must plan for retirement. We also need a fund that we have immediate access to in case of an emergency but owning sufficient life insurance coverage certainly frees up some of the cash that would need to be saved for important needs after death.

Regardless of the type of policy you choose to buy, term or whole life, you are taking care of these things at a cost of just a few cents on the dollar. The least costly way to go is term insurance. There are several types of term life insurance policies. The most popular are the level term policies...5 year term, 10 year term, 15 year term, 20 year term, 25 year term and 30 year term. There are also variations of whole life...modified whole life, graded premium whole life and variable life.

The case is grand for having life insurance coverage. It’s one of the most responsible investments you could ever make for your loved ones. And the good news is: it’s more readily available and easy to navigate today than ever before. You don’t need to walk into an insurance agency and talk to a broker who is the “expert” of the matter. People used to lose tons of money when alleged experts would devise their plan for them. Today, you have the Internet, and that’s all you need to peruse different companies, read their missions statements, and even email them with questions. And, if you happen to be a fit and healthy young parent, you could be looking at insurance premium cuts to reward you for your physical dedication. Be sure to do your homework and select a company that is in the business of reducing your premium. If you haven’t found one yet, you will.

Invest in the well-being of your family today and buy life insurance. Your children will thank you.