Get Free Quotes

/ /

Why Parents Don’t Have Enough Life Insurance

You would be surprised to find out how many parents either do not have any life insurance or do not have enough. Ideally, the moment your little one enters the world you should begin thinking about life insurance to protect them in your absence. While no one likes to think about death, it is a certainty and being prepared is extremely important. Many parents understand the importance of having life insurance but many forget or disregard the financial hardships that will come due to their untimely passing.

Insurance rates are always on the rise and this generally scares some parents away. Many parents view life insurance as another bill that they simply do not have the means to pay. It is encouraged to have even a small insurance policy as this will cover some of the expenses.

When you first think about taking out a life insurance policy, you tend to consider the funeral costs and nothing more. Funeral expenses are averaging around $6,000 per person and most states will not contribute more than a few hundred dollars towards this cost. It is important to also remember to take a policy out big enough to take care of young children until they are 18.  Parents need to also consider any unresolved bills such as mortgages, student loans, and debts that might trickle down to family.

Most parents who have preexisting health conditions feel that there is no way possible that a company is going to insure them. While it is harder to get insured, it is not impossible by any means. There are life insurance providers who are willing to issue policies to individuals with poor health.

One of the number one reasons why parents do not have enough life insurance is because they do not want to talk about death. Planning and budgeting for when you are no longer the primary adult responsible for your children is hard to process. Parents must understand that if they do not start planning when their children are young, their new caretakers may be under too much stress and your children’s quality of life may change drastically. Now is the perfect time to review your policy and determine if you have enough life insurance. You may be able to extend the policy amount without increasing your monthly payment by too much. If you are still in need of life insurance, talk to a provider as soon as possible to ensure that your life insurance needs are addressed.