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Your family is your most important asset

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As seen in Barron's, Coverager, Forbes and more.

Life insurance for parents and children

Life insurance basics for families

What is term life insurance?

Term life insurance provides income protection. If you were to die, your life insurance policy would pay out a lump sum to family members named as your beneficiaries. Many financial advisors suggest having 10 to 20 times your income in life insurance to maintain your loved ones’ standard of living.

Learn more: Do All Parents Need Life Insurance?

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Why do stay-at-home parents need life insurance?

The care that you provide your children is priceless. Life insurance cannot replace the love you give your family. But it can keep your family together after the unexpected death of mom or dad. Take a moment to appreciate all the household and caregiving tasks that you do for your family each day. If you were not there, who would take care of them? Would they need to be hired out or could another family member jump in? Childcare alone costs on average $18,000 a year per child in the USA. Traditionally people assume only the breadwinner needs insurance, but valuing the caregiving that the stay-at-home parent provides is best for families who wish to create financial stability.

Learn more: Life Insurance for a Stay-at-Home Parent

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Why do single parents need life insurance?

You’re the sun, moon, and stars for your child. She relies on you completely for her financial and emotional well-being. As a single parent consider getting enough life insurance to cover your income, childcare, future education expenses, and your final expenses (your debt and memorial service). Consider who should be the legal guardian of your child if you were to die unexpectedly. Then, name a trust as your policy beneficiary to ensure that your minor child will receive the financial benefits you intend for them. Our care team of licensed agents have guided many single parents through these steps. We would be honored to help your family, too.

Learn more: The Importance of Life Insurance for Single Parents

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My spouse or partner has life insurance. Do I need it?

The goal of owning term life insurance is to protect your children from the loss of financial support that they rely on to have a happy and fulfilled life. It can cover everything from food to a prom dress. If you contribute to the household income that makes these possible, you need life insurance, even if you are not earning a paycheck outside your home. To maintain the lifestyle of your family, it’s best to insure both parents.

Learn more: Does Everyone Need Life Insurance?

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Should my child have life insurance?

Many life insurance companies offer you the option to add a child rider to your term life insurance policy. These are inexpensive riders that insure all of your minor children. Adding a child rider also helps your children’s future insurability.

Learn more: Everything You Want to Know About Life Insurance Child Riders

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How does life insurance benefit your special needs child?

Many parents of children with disabilities have helped their child obtain life insurance by choosing Principal as their carrier when applying. Principal allows a special needs child to be covered by their child rider that can be later converted into a permanent policy.

Learn more: Life Insurance Child Rider That Requires No Medical Information

Learn more about a special needs trust: Providing for a Loved One with Special Needs

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How does pregnancy affect life insurance rates?
If you are thinking about starting a family or adding more little ones, it is a good idea to obtain life insurance before your pregnancy. Life insurance carriers base the price of your policy in part on your blood pressure, cholesterol, and weight. All of these can increase while pregnant and would negatively impact your rates.
If you already purchased life insurance while pregnant, know that you can reapply one to two years after your policy went inforce to see if your carrier will lower your rates. You can also apply for a new policy and cancel your old one.

Learn more: How Does Pregnancy Affect Life Insurance Rates?

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Is life insurance helpful for divorced parents?

If you are facing a divorce, know that term life insurance can be used to cover alimony or child support that you are due post-divorce. Setting up a policy on your ex-spouse with you as the policyowner is a great option to protect that income.  Make sure that the policy is adequate enough to replace the money you would be receiving for alimony and/or child support.

Learn more:  Life Insurance After Divorce

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How much life insurance do you need?

Our easy-to-use calculator can help you figure out your action plan

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Helpful advice for parents

All About Life Insurance Child Riders

For parents adding a child rider to their term life policy makes sense. Learn what a child rider is, what it costs, and how it benefits your family.

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Life Insurance for New Parents

Planning on having children or do you have little ones already? Here’s helpful advice on life insurance for young families.

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The Importance of Life Insurance for Single Parents

Life insurance is essential for single parents. Learn how to protect your children from unexpected loss with affordable term life.

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Life Insurance for a Stay-at-Home Parent

Stay-at-home parents need life insurance coverage just as much as the breadwinner—even if you don’t bring home a physical paycheck. This post explains why and how to determine how much coverage you need.

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Parents: Talk to Your Children About Getting a Term Life Insurance Policy

In this post, you can discover how to bring up the subject of life insurance to your children and the best way to assure that your loved ones have the right coverage.

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How to Find the Best Term Life Option for New Families

Protecting your family’s standard of living, your savings, and your children’s future isn’t something you can afford to postpone. This post explains how to find the best term life insurance for your growing family.

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We’d be honored to help you protect your family with the gift of life insurance