Life Insurance for Dads: A Guide

Father and daughter

As a dad, you have a ton of responsibilities. Taking your turn cooking dinner, doing Saturday morning yard work, or making bath time fun may be some of the first things that come to mind.

But one of the biggest responsibilities you have, which so many of us don’t take the time to think about, is taking care of your family even after you’re gone. And a life insurance policy through Quility can make that part as easy as ordering Friday night pizza instead of cooking dinner. Let’s dive in.

Why dads need life insurance

To start, we have to get something out of the way. You may currently be thinking some version of, “Why do I need life insurance? I’m young and healthy.” And as true as this may be, the fact is that none of us know what the future holds.

Life insurance provides dads peace of mind, knowing that their family will be taken care of financially if something unforeseen happens to them. Things like final life expenses, college tuition, mortgage payments, and childcare can all be covered by life insurance payouts.

In short, with a life insurance policy, you’ll be able to focus on creating lasting memories with your family without worrying about what will happen to them if you’re not there.

Choosing the right type of insurance

So, what kind of life insurance is best for dads? There are two main types of life insurance- term life insurance and permanent life insurance.

Term life insurance provides coverage for a specific period of time, usually 10, 20, or 30 years. Permanent life insurance is more costly and covers a lifetime.

While every situation is different, term life insurance policies like Quility Level Term (QLT) tend to be the best life insurance for dads. It offers flexible terms (10, 15, 20, or 30 years), the option of additional riders, up to $1M in coverage and affordable rates starting as low as $18/month. The application process can happen in 10 minutes or less (we know – even faster than that pizza was delivered!).

How much life insurance do dads need?

Now that we’ve gotten the type of life insurance for dads out of the way, let’s talk about the big question – how much life insurance do dads need?

As a general rule of thumb, you should have a life insurance policy that is at least 10 times your annual income.

For example, if you make $50,000 per year, you should have a life insurance policy that is at least $500,000. This will provide your family with enough money to pay off any outstanding debts, cover funeral expenses, and provide ongoing financial support.

But remember, every dad’s situation is different. Single dads and dads with a lot of kids may need more coverage to ensure their family’s financial security.

Top life insurance tips for dads

If you’re ready to start the process of getting life insurance, here are some tips to keep in mind.

  • Determine Your Coverage Needs
    • When determining your term life insurance needs, it’s important to consider all the financial factors of your family. Things such as debts, income, expenses and any future financial goals (such as children’s education) should all be taken into consideration. You can work with one of our experts if you need help figuring this part out.

  • Choose the Right Term Length

    • Term life insurance policies through Quility come in 10, 15, 20, or 30-year options. When choosing, it’s important to consider your family’s current and future financial needs. For example, if you have young children who will be financially dependent on you for the next 20 years, a 20-year term policy may be a good option. Alternatively, if you only have a few years left on your mortgage and your children are much older, a 10-year term policy may be sufficient.

  • Determine Your Beneficiaries

    • As a dad, it’s likely that you’d want any death benefits paid out to your children. That said, it’s important to know that legally minors cannot be the ones to accept money for a life insurance pay-out. Similarly to the process of deciding guardianship in a will, when you set up your life insurance policy you can establish a trust where you determine how the money you leave to your children can be spent. From there an assigned trustee can carry out your wishes.

  • Work with a Professional

    • It’s important to remember that life insurance is not one-size-fits-all. Every family is different, and every dad’s life insurance needs are different. That is why it’s important to work with a professional like Quility. We can help you take all these factors into consideration and find a policy that meets your family’s needs and budget.

Apply in 10 minutes or less!

Whether you are a single dad looking for life insurance or are currently shopping with your partner, we know you have a lot of people counting on you. Life insurance for parents has never been more important, and it can give you the peace of mind that your family will be taken care of no matter what happens. With customizable lengths and flexible coverage amounts, Quility Level Term is a good fit for any dad looking to make sure his family is taken care of. 

Get a free quote and apply today in 10 minutes or less!

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.