One of the primary reasons to invest in term life insurance is to make sure your loved ones are financially secure after you are gone. When deciding what level of coverage to seek, you must determine what financial needs your family will face in the future. Big life changes can alter this equation, and no life change is quite as big as welcoming a child into the world.
According to an article on CNN Money, the average cost of raising a child in the United States has grown to $241,080 from birth to the age of 18. This number doesn’t even include the cost of college or graduate school. Many parents also want to be able to pay for a child’s wedding and even contribute to the cost of their child’s first home (especially in a high-cost housing market like San Diego).
Though you can’t guarantee that you’ll be a part of your child’s life through all the major milestones, a term life insurance policy can ensure that you can provide financial support and security for your child. If you have a baby on the way, contact your insurance agent about purchasing a term life insurance policy or updating your coverage amount.