Life insurance can help provide for your children if you’re no longer there to support them.
It’s important to have life insurance when you’re a parent, whether it’s the birth of a child or through a new marriage. If you or your partner were to pass away, life insurance can help pay for child care, daily living expenses and higher education.
Life insurance makes it possible for your children and loved ones to continue living life as normally as possible, after your passing, without a huge financial burden. Without life insurance coverage in the event of your passing, they won’t just lose you but also the financial support you provide.
Life insurance can be especially important for stay-at-home parents. That’s because the work stay-at-home parents do on a day-to-day basis carries monetary value. For example, if you were to pass away, your surviving spouse or partner may need to pay for child care, food preparation, yardwork, tutoring, cleaning and much more.