Is life insurance needed? I would hate to face life with a household full of children and with “no” life insurance. “No” one knows when they are going to leave this earth…it could be in a blink of an eye. Any family with small children to raise needs to carry a life insurance policy to cover the burial expenses of the parent who passes away and to aide in supporting the children until they’re eighteen years old.
It will take a fairly sizable insurance policy to cover a family of lets say three children. There are various types of insurance coverages you can obtain from an insurance company, i.e., term life, whole life, endowment insurance, etc. The best things for a person to do if they’re going to get insurance coverage is to have an insurance agent come out and discuss the various types of insurance premiums they have and how each one pays out. I have found the insurance companies to have very knowledgeable insurance salesman and they are helpful in giving you an estimated amount of insurance you should have for your families size and quote you the premium amount.
I will give you a hint, term life insurance is the cheapest, and an endowment insurance plan is one of the better ones to have but it is expensive. If a man/woman does not have a good insurance program through their work, they should seek the advice of an insurance company. Insurance premiums are expensive but if there should be a death of either parent, it could be a devastating issue for a family left with “no” income coming into the home.
We never think an early death or accidental death can happen in our families, but it does, and yes, life does go on. There are bills to pay, food to buy, children to feed and cloth, and many other necessities in life when you are raising children by yourself. I feel a family that does not have life insurance for the bread winner is playing Russian Roulette in their daily lives. Can you imagine leaving your family without any money to care for them? A wife/husband would find it very difficult without any funds to live on. Oh yeah, you might say, “I’ll have Social Security Benefits,” but you have not had to try to live on what a child and you will get from Social Security. From what I’ve been told it can be difficult to live on the amounts.
Plan ahead in your life and you’ll never regret it because it will benefit you and your children in the years to come. Yes, insurance premiums are expensive but it is well worthwhile if you have the death of a parent.