I know, I know, you’re busy running around juggling the million and one things it takes to raise your family. The last thing you have time for is to research all the different kinds of life insurance and which one is the best for you.

So let me make it simple. 

Term life insurance is a good fit for most families.

A cost-effective option

One benefit of term life insurance is it is simple, low-cost, and low-risk. If your family is of average income and doesn’t have any extraordinary circumstances, term insurance likely is best for you.

The reason it’s the cheapest option is because it is for a fixed length of time. You can get term life insurance from anywhere between 5 and 30 years. 

You make regular, fixed payments during the duration of that time. If anything were to happen to you before that time ran out, your family would be protected and receive the guaranteed “death benefit” monetary amount that was written into your plan.

Young families need insurance

No one likes thinking about their eventual death. When you’re young, those worries seem so far into the future that you don’t feel the urgency to plan for them now.

But now is precisely when you need to plan for it. 

People with young children have the most to lose if one or both of their parents were to suddenly die, and they have the most to benefit from a solid life insurance policy. 

If a family can not comfortably maintain their standard of living if one of the adults in the household were to suddenly be gone forever, then it is time to make a plan today.

For some families, one parent is the primary breadwinner. If that person were to get hit by a car or have a freak accident, how would the remaining parent afford to support their children?

Even if both parents work, you’ve customized your lives to rely on both incomes. If that income were to suddenly be slashed in half, how would the remaining parent manage? Moving to a smaller house, downsizing the car or any number of lifestyle adjustments are hard enough without grief added to the mix. 

All that additional heartache and headache can easily be avoided.

A flexible option

One of the great things about term life insurance is you are not locked in forever. Are your kids babies or toddlers? Then maybe you want a 25-year plan to ensure they make it through college. 

You’ll have the comfort knowing that your mortgage, utilities, car payments, and college tuition payments are secure in the case of unexpected tragedy. Your family would be taken care of.

Are your kids already teens or tweens? Then maybe a 10-15 year plan is more than enough right now. 

After the kids are out of the house and making their own money, your term policy will expire. You can reassess whether it makes sense to renew or get a different kind of policy. You might feel confident enough in your other investments to forego life insurance at that point.

Life insurance should be part of a holistic financial plan. Let’s discuss your goals and finances to make a plan to ensure your family is protected.

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