Insuring the Times of Your Life
47The Young Family
Even people who are generally savvy when it comes to managing their money may overlook an essential component of a balanced financial plan, life insurance.
If anyone is dependent on your income, you probably need life insurance, even if you don't expect to die anytime soon. For most people, this financial responsibility starts when they get married. In fact, young families usually have the greatest need for life insurance.
As a married couple, you share a life together, but you also share each other's financial obligations. What if one of you was to die tomorrow? Even with the surviving spouse's income, would that person be able to pay off debts like credit cards, car loans and other bills, let alone cover the monthly rent or mortgage and utility bills.
Your first child is on the way. With your growing family, you're probably beginning to save and invest for the future. But is that enough? You have big plans for your kids and want to see them realize their hopes and dreams. It's hard enough to make that happen with you in the picture. What if you or your spouse or both of you were suddenly out of the picture?
From diapers to diplomas, would there be enough income to pay for day care, a college education and everything in between? Whatever stage of life you're in, life insurance can help secure your family's financial future.
If you're like most people, you probably don't know how much life insurance you need or what kind you should buy. Because everyone's needs are different, the best way to develop a plan that's right for you is to talk with an insurance professional. Proper planning can guarantee a secure financial future for you and your loved ones, no matter what happens.
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