Having life insurance has become a must for everyone, but parents need to have one. Your children depend on you financially, and you want to have a plan in place just in case you were to pass away. But there are several other reasons besides unexpected tragedies why having a life insurance plan is a must. We at Infinity Insurance Group serving Post Falls, ID are here to guide you on the right path to enrolling in a plan.
Raising Kids is Expensive
It’s no secret that raising children these days has become expensive. One 2017 report from the U.S. Department of Agriculture shows that the average cost of raising a child from birth to age 17 is $233,610. In the urban Midwest region, the average is said to be $227,400. Since we’re in an inflation period, it’ll probably be more than that. You have to factor in childcare, housing, education, food, clothing, entertainment, etc. when taking care of children. Obtaining life insurance will help you put together the financial safety net you need.
You Need an Emergency Fund
If you’re a responsible parent, you probably put together a savings account for this. However, having life insurance provides you with the added financial help your family truly needs. If you were to pass away, life insurance helps provide your surviving family members with financial assistance with healthcare or with even some repairs to your home.
It Helps Prepare for Substantial Debts
When parents decide how much life insurance exactly they need, one of the things they factor in is their child’s education. You may want to prepare financially for their future. The cost of a college education has gone up 25% in the last decade. Having life insurance will help you cover some of those expenses.
Contact Us For More Information
Enrolling life insurance is a must for any parent. Let our office at Infinity Insurance Group help you find the right one. Contact our Post Falls, ID office to schedule an appointment today.