Term Life Provides Financial Security to Raise Children
As a parent, your first instinct is to provide for your children. With children come expenses, which can be a lot of responsibility. In this article I will discuss the necessity for families to purchase term life insurance in order to prepare for the future.
Children are Expensive!
The choice between having a child or not is obviously not purely a financial decision, but it is important to consider your financial situation when thinking of starting a family. The average cost of raising a child in the United States until age 18, based on a study from 2015, is $233,610. These costs are not even including college expenses/tuition. The percentages are broken down below:
https://www.usda.gov/media/blog/2017/01/13/cost-raising-child
Term Life Is a Great Solution for Protection
As stated above, you can see that having a child let alone multiple children is quite an investment. As a parent, purchasing term life insurance is a great idea to have a source of financial protection during these turbulent financial times of raising a child. It would be incredibly hard to keep paying your family’s living expenses after an unexpected event, such as a family’s primary earner passing away. With the purchase of term life, that ambiguity can be erased, and you will be left with a safety net.