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Becoming a parent is one of life’s milestones that makes you rethink your finances, especially when it comes to insurance. Having life insurance is a crucial part of parenthood as it ensures that your child is protected from financial hardship if you were no longer around.
Checking life insurance off your to-do list takes just a few minutes, and you’ll enjoy a lifetime of peace of mind.
Financial planning, including life insurance and retirement solutions, is not taught in school and is a necessary component of adult life. By teaching your children to understand the value of money and how loans and credit works, you allow them to make wiser financial decisions.
Additionally, life insurance is a smart and affordable financial tool to ensure you leave behind a legacy rather than any debt or expenses for your loved ones. Life insurance translates into a responsible plan for your child’s future.
If you have anyone who would be financially impacted by your passing, an affordable term life insurance policy can help you protect your loved ones from financial hardship in your absence.
Term life policies start for as low as $20 a month, and coverage lasts for a term length of your choice. Adding riders to your policy would allow you to select a return of premium option that could provide a full refund of paid premiums if your policy is unused at the end of the term.
The cost of college along with student loan interest rates has been increasing for decades. No matter where your kids plan on attending school, you’ll likely face a hefty tuition bill if you choose to financially support your children in their academic careers.
Getting a life insurance policy with a cash value component can help you grow cash savings over the years. When you’re ready, you can access the cash value of the policy to help pay for college tuition. This could save your children from having to apply for scholarships, work through school or get student loans.
Life insurance premium prices are based on your age and health at the time you apply for coverage. On your insurance application, you will need to provide some basic health information, including any past diagnoses.
Policy prices get more expensive for older individuals, so it’s best to secure a policy while you’re young and healthy.
Term life insurance is one of the most affordable types of life insurance, and you can customize your policy to meet your specific needs. With term life insurance, you choose how much coverage you need and how long you want to have the policy in place.
Your coverage amount for a term life insurance policy generally ranges from around $100,000 upwards but can be customized to fit your specific needs. You can also select a term length, generally around 10 to 30 years, in which your policy would be in force. If you pass away during this time, your loved ones will receive a tax-free lump sum to cover living expenses, a mortgage, college tuition and more.
Quility partners with more than 80 insurance companies to give you the power of choice when it comes to shopping for insurance. We work with top brands including American Amicable, Foresters Financial, Mutual of Omaha and more. These companies offer a variety of products, ranging from term life to universal and whole life policies.
By partnering with more than 80 companies, we can shop around to find the product you need at the best price for your budget.
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