What New Parents Need to Know About Life Insurance

New Parent? Take Note of Life Insurance 

Becoming a parent is one of the most amazing – and terrifying – experiences in life. Having a small bundle of joy completely depend on you is a new level of responsibility. Having a child adds meaning to your life in ways you’d never expect. When you bring home your new addition from the hospital, it’s important to remember to review your life insurance. After all, you have new priorities and dependents! Here is what new parents should know about life insurance on Long Island, NY.

Kids are expensive

The cost of raising one child to 18 years old for a middle-income family is around $233,610, which takes housing, food, education, daycare, and more into consideration. Ask yourself if your spouse or partner could handle all these expenses if you were gone? For most, the answer is no. This is where life insurance comes into play. Life insurance pays out a death benefit that your beneficiary can use to help cover expenses such as funeral costs, remaining debt, and everyday living expenses.

Don’t forget about college

Although your baby hasn’t even started walking, you should already be thinking about their college costs. If you plan to pay for your child’s higher education, then be sure to factor in the cost of college when you buy life insurance. Fees can range from $20,000 to $50,000, and the cost of college continues to rise. But, with the help of life insurance, you can contribute towards your kid’s tuition when you’re no longer around.

Stay-at-home parents have huge value

Many parents assume that the stay-at-home parent doesn’t need life insurance because they don’t earn a “salary”. However, this isn’t the case. Without the stay-at-home parent, the surviving spouse would have to pay for services such as cooking, cleaning, transportation, childcare, and more. While parents are irreplaceable, a life insurance policy can be used to help bridge the financial gap and pay for this type of support.

Ready to get started on your life insurance policy? Talk to the professionals at Premier Risk Insurance to find out how you can acquire affordable coverage. We serve Long Island and surrounding cities in New York, and we look forward to hearing from you today.