Parents’ Day falls on July 26, 2020. You might think of celebrating by giving your family the gift of life insurance this Parents’ Day.
Life insurance may be important for everyone, but it can be especially important for people with families who depend on them. No one wants to think about what their spouse or kids would do without them, but it’s something every parent should keep in mind.
This Parents’ Day, reflect on what your loved ones may need should something happen to you. Life insurance can be one way to secure your family’s future.
What is life insurance?
Life insurance is a type of insurance that can pay out when you die, providing your dependents with resources they may need1. It can be especially important for parents who are the primary earners in the family to have life insurance.
There are two major types of life insurance: term and whole life insurance. Term life insurance is a life insurance policy that offers a specific time period of protection, or for a set “term”. Most commonly, you can purchase policies that last for 5, 10, 20, or 30 years. If you pass away during the term, your beneficiaries can receive a payout from your insurance policy.1
Whole life insurance, on the other hand, can provide a cash payout to your beneficiaries regardless of when you die.1 Whole life policy monthly premiums are typically more expensive than those of term life policies.
Why parents should consider life insurance
If you’re on the fence about whether or not you need life insurance, think of all the ways in which your kids could need insurance if something happened to you or your spouse. Life insurance isn’t just for covering funeral expenses.
A loss of income(s). Think about how your family would manage should they lose you or your spouse. Having insurance can make it possible for your family to maintain their standard of living—from getting groceries to paying off a mortgage—should they lose you and your income.
Healthcare and emergency expenses. Consider how your family will cover unexpected expenses and emergencies without you. Emergencies happen. And while you might have money set aside for those instances in a rainy day fund, insurance can add extra financial protection for your family. A payout from life insurance can be a safety net for your family after you’re gone, for instance if your child breaks a bone or your home needs a sudden repair.
Childcare and education. You want the best for your children and their future. The average cost of childcare in the U.S. is $11,666 per year. Plus, the cost of a college education has increased by more than 25% in the last decade and as of 2019, 43 million Americans owed federal student loan debt, amounting to a total debt of $1.5 trillion.
If you get life insurance, you can help make sure that your child will get the education they deserve affordably.
How parents can get life insurance with Bestow2
If you don’t have life insurance yet, you might be wondering how quickly you can fix that. With Bestow, you can sign up for term life insurance easily. Bestow has partnered with two of the biggest life insurance companies so that you can get a policy from a trustworthy source.
This Parents’ Day, you can get a quote from Bestow, and help stabilize your family’s financial future.