Edward: Children for the first 18 years usually they are in your home looking for you for total support.
Edward: If you were to pass again to use that term, what would your children do?
Edward: Say my wife didn’t work. She worked from home. She is a stay-at-home mom. We have two children. If I were to die tomorrow, can she survive for another ten years with the kids? Maybe, maybe we have planned for that. Most people haven’t planned accordingly.
Vince: Um hum.
Edward: If you have life insurance in place, it’s peace of mind. Hopefully I’m not going to die anytime soon. If I were to die, my income that I generate on a yearly basis is replaced through that insurance protection.
Along with the joy of a new child comes a lifetime of responsibility. The cost of raising a child for 18 years is estimated to be $245,340,¹ and the cost of just one year of tuition at a public four-year university is approximately $17,000.²
So whether you’re a single parent, a stay-at-home parent or one who works outside the home, it’s important to have life insurance to help protect your loved ones should you unexpectedly pass.
Depending on the dreams you have for your children’s future, you may want to consider both term and whole life products. If you already have coverage, reviewing it with a life insurance professional can help ensure it is sufficient for their needs. If it’s a term policy, make sure the term of the policy is long enough to help protect them until they become financially independent.
Use our needs calculator to find out.
With Amica Life, you can always expect an extraordinary level of service. Our licensed professionals will listen to your unique needs, answer your questions, identify coverage that’s right for you and then help you every step of the way to ensure your coverage stays in line with all of your life’s changes. With an A+ (Superior) rating from A.M. Best3, a leading authority on insurance company financial stability, you can also be confident Amica Life will be there for your loved ones.Learn more now!
²U.S. Department of Education, National Center for Education Statistics – Digest of Education Statistics, 2012, December 2013
³A.M. Best Company. Feb. 18, 2016. A+ is the second highest of 15 possible ratings. For the latest rating, access ambest.com.