Raising a child is not easy, and for many parents it seems like the job never ends. Even when your kids leave the house to strike it out on their own, an economic recession could send them right back into the safe confines of your home.
Raising kids is even harder when one spouse is left alone to care for the family. It’s even worse when both parents are out of the picture.
How can you protect your child if you’re not here?
Life insurance can help.
Today’s post will discuss how life insurance can care for your child in the event of your untimely passing.
1) A college education: College is big business, and the four-year cost of a university education is more than the cost of a car for most people (and in some cases, the cost of a home). According to the College Board , the average cost of a year of tuition and fees for 2013-14 was $30,094 (private college) and $22,203 (out-of-state students attending state universities). Naming your child as a beneficiary on your life insurance policy means that if the unexpected should occur, and you were to die, your surviving spouse or your child’s legal guardian would not need to take out a second mortgage to pay for your child’s college education.
2) Care for your special-needs child: If you have a special-needs child, then you already know that they’ll need your support for the rest of their life, and that translates to more long-term costs. When you purchase life insurance, you’re not just protecting yourself; you’re making sure that your child is covered for the long haul, including any housing costs.
3) Cover unexpected medical bills: As much as it pains us to say this (and it pains you more to think about it), you could be struck with a life-threatening illness, such as cancer. And while health insurance may ease some of your financial burdens, it won’t cover everything. Some life insurance policies have optional benefits that can help pay for your survivors' chronic or terminal illness care expenses, so you can focus well-being and recovery. Your policy also provides a source of funds for your family to pay unpaid medical bills should you pass unexpectedly.
4) Maintain normalcy: Losing a loved one is emotionally trying. It’s especially heart-wrenching for a child to lose his/her parent when they’re young. Now imagine a grieving household that also has serious financial hardship. Many adults would be unable to cope with this stress, let alone a child. Life insurance can maintain a sense of normalcy for your family while they get through the hard time of grieving over your loss. The more financially secure your family is, the sooner they can heal and resume their daily lives.
At IntelliQuote, we know that as a parent, you only want the very best for your child, even if you’re no longer living. A term life insurance policy gives them a real chance to thrive in your absence.
Are you ready to give your child added protection? Visit our quotes page, and start your journey today.