Parents make sure they have proper health care coverage, but few consider that growing families need life insurance, too.

Starting a family is an important step. With it comes a whole new level of responsibility. Your child, or children, will depend upon you physically, emotionally, and financially. One of your greatest responsibilities is protecting your family.

Many parents make sure they have proper health care coverage. Few, though, consider life insurance. In the event of a tragedy, you certainly want your family to survive financially. To ensure this happens, growing families need life insurance.

First Financial Security explains why growing families need life insurance and other financial products to help protect their futureWhat is life insurance?

If you become sick, injured, or unexpectedly pass away, who will provide for your child? Your surviving spouse is the most common answer. Do you know how they’ll manage financially? Who pays the bills, buys groceries, pays the mortgage and saves for college? A life insurance policy could be the answer to all of those concerns.

Insurance provides your survivors with a death benefit if the unthinkable happens. It allows you to continue providing income for your family after you’re gone. You’re giving them financial stability, so they can live comfortably and enjoy the future you wanted for them.

What types of coverage are available?
There are two types of life insurance policies: term and permanent life coverage.

Term life insurance provides coverage for a certain period of time, or term. If the insured dies during this period, the death benefit is paid to the beneficiary. If the policy expires before the insured dies, no payment is made.

Permanent life insurance remains in effect for the insured’s entire life. These policies are more complex that term life insurance. They may also include a cash accumulation feature.

not only do parents need to make sure that they have life insurance, children should also receive protection in the form of life insuranceDoes your child need life insurance?
The very thought of purchasing an insurance policy for your child can be gut wrenching. Yet, there are compelling reasons to do so.

If the unthinkable should happen, would you be in a position to cover funeral expenses? Could you take time off from work, afford counseling sessions, or repay any outstanding student loans? Having an insurance policy can help.

Another reason to buy a policy for your child is to preserve insurability. As a rule, the younger a person is, the better their health. Once the policy has been written, it cannot be invalidated, even if a change in your child’s medical condition occurs.

Protection against such an event, no matter how small, merits consideration. You may ultimately decide against it. Weighing the pros and cons is the first step in making that choice.

Decisions, decisions…
Becoming a parent should be a time of celebration, not preparing for worst case scenarios. Give yourself greater peace of mind by taking care of financial decisions sooner rather than later. You’ll have more time to enjoy the wonders of parenthood.

Speak to your insurance agent today. You can discuss your options and design the best plan to protect your family now and in the future.

indexed universal life insurance with living benefits helps make sure that growing families receive all of the support and protect that they need