How Life Insurance can help with the Costs of Raising a Family

Raising a Family

When raising a family, life insurance is an important factor in having peace of mind for your loved one’s financial security. It is said that raising a family is one of the most difficult jobs there is and along with the difficulty, comes quite the large price tag. When you consider the cost of providing housing, food, clothing, and all the other incidentals, it becomes very expensive. Then when your child becomes old enough, there is the additional cost of paying for their education to provide them every opportunity to be successful in their adult life. What would happen if you unexpectedly passed away? Would your surviving spouse be able to afford all of this by themselves? This is why having term life insurance is so important.

Now you begin to ask a lot of questions. How much term life insurance should I have to pay for these expenses? In my opinion, a good rule of thumb would be to have between $200,000 and $250,000 of life insurance coverage for every financially dependent child that you have. This is an amount that would provide some family protection and financial security so that these children have the opportunity to attend college and not have extensive loans upon graduating.

Another important question to ask is how long of a coverage period should I have with term life insurance? My recommendation is to purchase the longest term available that you feel comfortable with the monthly premium. Remember to make sure that the coverage period is going to cover those years when your children will be financially dependent on you. Let’s say that you have a 4 & 9 year old. You would want to purchase at least a 20 year term life insurance policy to bring the 4 year old through those financially dependent years. Anything less than this may cover the 9 year old but would fall short of providing the security for the 4 year old.

Just think of how difficult it would be on your family, financially, should you pass away. The pain and worry of their survival without you could be lightened knowing you took the time to get proper term life insurance coverage. Ask yourself, isn’t your family worth paying the few dollars for life insurance to ensure peace of mind for their financial futures?

About the author: Jim Marcinkewicz has been in the life insurance business for over 6 years. He is a big supporter of the American Red Cross and teaches both CPR and First-Aid classes. With two daughters in college, Jim knows the expense it takes to care for your family and enjoys helping others prepare their futures as well. You can reach Jim at 1-800-651-1953 or