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Becoming a parent is a fantastic responsibility that will reshape your life and reorganize your priorities. Taking care of your child can become the most significant source of joy, and the most valuable job you have, which is why life insurance is a crucial investment. If something were to happen to you and your children are still young, the right insurance policy allows you to continue providing for them even after you’re gone.

A Guide to Life Insurance for New Parents

What Life Insurance Is For

life insuranceIf you fell victim to an accident or illness, would your spouse have the resources to pay the bills and give your child everything they need? With a life insurance policy, you can leave behind enough to pay off the mortgage, set up a college fund for your child, and replace your income indefinitely. Even stay-at-home parents should carry at least enough coverage to pay for childcare, house cleaning, and everything else you do for your family.

Term vs. Whole Life Policies

Insurers offer two primary types of policy: whole and term life insurance. Whole life policies are generally more expensive, but they never expire and include an investment component many find attractive. Term life policies, on the other hand, is only valid for a set period, usually 10 to 25 years, and are more affordable, especially for young families.

How Much Coverage Do You Need?

No two families are exactly alike, so the amount of life insurance you need depends on a variety of factors. For instance, your spouse’s income, the amount of debt you share, and your long-term goals will determine how much coverage is right for you. A skilled agent will help evaluate your needs and make these critical decisions.


 

Buying a life insurance policy is a significant decision, so turn to the experienced agents at Hummel & Plum Insurance Agency. They are a local institution that has served Chillicothe, OH, families for 115 years. As an independent agency, they write policies for a variety of carriers, giving them the ability to shop around and find the plan that’s right for you. To speak with an agent and request a free quote, visit their website or call (740) 773-1620 today.

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