Five Reasons to Consider Life Insurance

If you’re just starting a family, life insurance might be the last thing on your mind. After welcoming a new baby into your life, it’s easy to get caught up in diapers, wipes, baby swings, and not even think about insurance. But life insurance might be one of the most important products you can buy for your children.

Life insurance is more than just a way to pay the final bills if something happens to you. It could help cover the costs of college tuition or help keep your children in their home if they’re still young. Even if you’re healthy right now, being prepared can be one of the best decisions you make for your family. Here are five reasons to consider purchasing a life insurance policy:

The Process Is Simple
The process for purchasing life insurance is relatively simple. It can be a bit lengthy, but it’s not cumbersome. Shop around and get some life insurance quotes, which you can often do online by entering your age, coverage, and term preferences. There are even life insurance calculators you can use to help calculate how much life insurance you might need. You’ll want to educate yourself about the types of insurances. Think about your children, their ages, and your goals for the life you envision for them. Consider finding a financial advisor you have confidence in before you decide what kind of policy and for how much. Once you’ve decided on a policy, the insurance company will probably send someone to perform a health screening. You’ll answer several personal health questions, and once the insurance company has the results, they’ll provide a quote. Keep in mind that not everyone is eligible for life insurance. Sometimes preexisting conditions can prevent you from qualifying. To find out whether your preexisting condition is covered, speak directly to an agent. Life insurance companies will be happy to share this information with you.

Funeral Costs Are Rising
It’s not fun to think about, but being prepared for the cost of a funeral is a wise decision. According to the National Funeral Directors Association, the average cost of a funeral in 2019 could be around $15,000. Most people don’t have that amount of money saved or set aside specifically for a funeral. And according to the same organization, the costs have significantly increased over the past decade. Life insurance may also help cover other costs, like medical bills, and more.

Life Insurance Can Protect Your Legacy
A life insurance policy can protect your family long after you’re gone. Some life insurance policies are intended to replace the income you would have made over your lifetime. So, even if you’re not able to be there with your children, the right policy could enable them to stay in the same school or home. This can help ensure that your family’s life won’t be interrupted more than it has to be after an untimely death.

Life Insurance Can Give You Confidence
Your life insurance policy can’t replace you. There’s nothing better than for you to live a long, fulfilling life and to be there directly for your children. But life insurance can give you confidence. You can rest easy knowing that your family will be protected. If you decide to get coverage, be sure to communicate with your family and let them know about your policy, your hopes, and your expectations. It can give them peace of mind too. Share with them how you’d recommend they use the policy should they ever have to use it.

It May Be Affordable
There are a multitude of policies to choose with varying terms and costs. When searching for a plan, do your homework. Keep in mind that your health rating is very important to the rate you will receive, so the younger and healthier you are when applying for life insurance, the better your rate will be.

It might seem overwhelming to consider life insurance when you’re just discovering the joys of parenting, but it could be a decision that endures beyond a lifetime.

* Insurance products and services are offered through CUSO Financial Services, Inc. (“CFS”).  Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are licensed through CFS. The credit union has contracted with CFS to make certain insurance products and services available to credit union members.