Congratulations, new or soon to be new parents in the Capitol Region!
You’re entering an exciting new stage in your life: parenthood! You’ve probably already painted the nursery and registered for toys at a baby superstore. But have you thought about how your new baby will impact your financial future? Before the stork arrives, take time to consider this financial checklist.
1. Plan for tomorrow ... today. If you have children, you need life insurance. No one wants to think about tragedy or loss but, now that you’re a parent, you should prepare
for the unexpected. Whether you’re a breadwinner or a caretaker, your loss would impact your child’s life in so many ways. Protect your child’s future with life insurance.
Go with term life insurance.
Most experts recommend term life insurance, which is the most common and affordable type of life insurance. The average American has enough life insurance to cover 3.6 years of income, but you need two to three times that amount if your family has kids who haven’t finished college.
Be sure to consider whether this would be enough to also cover college costs should you die before they are funded.
Great news for young families: Term life insurance rates are the lowest they’ve been in a decade!
Dave Balog teaches financial basics to individuals, families. Contact him at dbalog99@gmail.com or 355-0967.
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