Welcoming a child

 

The need for life insurance: Welcoming a child

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Edward: Children for the first 18 years usually they are in your home looking for you for total support.

Vince: Right.

Edward: If you were to pass again to use that term, what would your children do?

Vince: Right.

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.

Help ensure they can fulfill the dreams you have for them

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.

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How much life insurance coverage is right for you?

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Resources

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Your helpful life insurance guide: Welcoming a child

As you welcome a child into your family, it’s crucial for life insurance to be part of your plan to ensure you’re doing everything to help protect them.

Your helpful life insurance guide: Shopping for Life Insurance

When it comes to shopping for life insurance, you may need help making an informed decision. We’ve created this guide that’ll make it much easier for you when you’re looking to purchase life insurance.

Tips to help determine the right amount of coverage for your needs

No matter what stage of life you’re in, it’s important to consider several factors to help determine if your life insurance covers all of your unique needs.

Amica Life Survey finds Many Americans are underinsured – are you?

If something were to happen to you, or to your spouse, would you have enough life insurance protection to cover all of your expenses?

Why Amica Life?

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!

These are the times when life insurance can matter the most.

¹Money.CNN.com, 2014
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.