Do you have kids? Our 925 Partners team in Jacksonville, FL has put together a list for moms and dads regarding life insurance. Here are four reasons every parent needs to invest in life insurance.
Reason #1: Funeral Expenses
Perhaps the most important reason for parents to get life insurance is for funeral expenses. The cost to bury or cremate a loved one can easily be in the thousands—a cost that a grieving spouse and children might not have without a life insurance policy.
Reason #2: Loss of Income
In most cases, the loss of income of the parent who has passed away is a big deal for a family. Thankfully, the lump sum from the life insurance policy could be used to help pay the mortgage, keep up with utilities, or otherwise allow the same standard of living until additional arrangements can be made.
Reason #3: Replace the Value of a Stay-at-Home Parent
What about stay-at-home parents? Do they need life insurance, too? The answer is, yes! A parent that manages the household and watches the children is harder to replace than one that works for an outside company. Having a policy on hand can help you afford additional help, such as babysitters or cleaning services, to help temporarily fill the void while your family gets used to a new sense of normal.
Reason #4: College Expenses and Savings for the Children
Another reason to have life insurance is for college expenses and savings for the kids after the death of a parent. The funds from a life policy can be set aside to fund these hefty future expenses, creating a better future for the child even though they no longer have a living parent.
Of course, these are just a few of the many reasons why parents should have some form of life insurance. There is a variety of options when it comes to a policy.
Ready to learn more? Contact our team at 925 Partners in Jacksonville, FL to schedule your no-obligation coverage review appointment.