Life Insurance Guide for Millennial Parents
Starting a family is a great milestone in an adult’s life. With children comes great responsibilities, and the purchase of life insurance can help relieve a great amount of pressure.
https://www.nerdwallet.com/article/insurance/a-new-parents-guide-to-life-insurance
Younger Parents Should Purchase Life Insurance Early
It is an ideal time to purchase life insurance as an adult in your 30’s and 40’s. Rates for life insurance at this age are low, but can almost double once you reach 50.
Policies For New Parents
Term Life:
Purchasing a term life policy of 10, 20, or 30 years is both an affordable and popular way for new families to cover the years that they are beginning to start saving, paying their mortgage and other debts, and provide financial support to their children.
Permanent Life (Whole/Universal):
Permanent life insurance policies are not as popular for new families since they are MUCH more expensive (800-1,000% more). It’s a lot more expensive because the company GUARANTEES paying the death benefit. These are policies that are useful if you are in need of estate planning services or other financial services/investment opportunities, or have a child with a disability. This policy is useful if you ABSOLUTELY NEED to leave money to a business, family, or child with a disability.
Cancelling Your Policy
If you want to cancel your term life policy, you can simply stop paying your monthly premiums and give your provider a call. If you have a permanent policy, you may need to speak with your insurer about your options. You may receive a check if you accumulated cash value throughout your years being insured.