Family life insurance protects the ones you love the most. After all, facing risk is a part of life. Every day, we face risks to our life, health, and property. Although we can't eliminate these risks, we can take steps to protect ourselves against them. Life insurance is one way to protect the ones you love from financial harm if anything should happen to you. It provides peace of mind for you and your loved ones. Life insurance coverage protects your family by providing proceeds that can be used to replace your lost income if you pass away prematurely.

Here are three of the most popular topics we help families with every day:

Income Protection

Life insurance helps your loved ones pay the bills if something were to happen to you. If your family depends on your income, protect their financial security with life insurance.

College Funding

Did you know that permanent life insurance can help you pay for the kids’ college education? You can save for their college tuition without putting your retirement at risk.

Your Life Stage

Father playing with his young son on a playground

So what’s the best way to go about selecting the best family life insurance? It all depends on your needs and your stage in life.

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Young Family Just Getting Started

When you’re just starting out, money is tight. But that’s exactly why you need family life insurance to protect your loved ones. If it’s hard to pay the bills now, what would happen to them without you?

At this age, think of life insurance as income protection. Multiply your annual income by the number of years left until your youngest child turns 18. That’s a baseline minimum you can use to start to estimate how much coverage your family needs.

Young man and woman smiling at their new baby

As for policy type, I recommend term life insurance for my clients on a budget. There’s no more affordable way to get covered and create that financial security for your loved ones. If you can afford your cell phone’s unlimited data plan, you can afford life insurance. Although you probably don’t think twice at paying for your phone plan, a life insurance policy can do so much more for your whole family. From peace of mind to that guaranteed cash death benefit – 100% income-tax-free – it can give your spouse and kids the financial cushion they need if they lost you and the income you provide.

It’s not something we want to think about. But it’s what responsible parenting is all about. Your first step? Get a free quote here on the website and see how affordable it can be to protect your family. It’s fast, free, and there’s no commitment.

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Established Family with Young Kids

Once you’ve been around the block a few times – your family is growing up, you may have mortgage payments – you get a better picture of what it costs to raise kids and run your household. There’s still a long way to go until the kids leave home, so you still need plenty of coverage for income replacement.

But with those additional expenses – including a mortgage, car payments, student loan payments, credit card debt, or home equity loans – you may need even more coverage to make sure those costs are covered should anything happen to you.

Father and son wearing similar plaid button shirts and high-fiving each other after researching family life insurance

At this stage in life, I recommend adding more family life insurance coverage if you bought the bare minimum earlier in life. We can look at how much it would cost to replace your old policy with a larger one – you’d be surprised how affordable this is, especially while you’re still young.

If there’s room in the budget, I’d also recommend giving me a call to talk about permanent coverage options that will benefit you later in life, during retirement. It feels a long way away, I know, but now is the ideal time to start growing a cash value life insurance policy so it provides extra income for you later.

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Parents with Kids on a College Track

Middle-school-aged girl doing homework on the laptop while wearing headphones

With the kids growing up, is it time to think about college? If so, there are plenty of ways family life insurance can help.

  • Cash value can help pay those tuition bills. The longer you have your policy, the more your cash value grows, providing a little financial security for retirement.
  • Cash value doesn’t count against you on the FAFSA. The FAFSA doesn’t consider life insurance an asset – so you don’t need to report it.
  • Not college bound after all? Life insurance is more flexible than, say, a 529 account. If you don’t end up using your cash value for tuition after all, it’s still there ready for that home improvement project or family vacation.

This is all possible with a permanent life insurance policy. These cost a little more than a term policy, which is why I don’t always recommend them for new, young families right off the bat. It all depends on your budget and your kids’ needs. But now that your kids are a little older and you have a better sense of where they may be headed in the future, it’s time to talk about how I can help you pay for that future.

Call me so I can make some customized recommendations for your family!

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Parents with Grown Kids Thinking about Retirement & Estate Planning

The kids are gone – and now it’s time to put your retirement at the top of the priority list. Your financial obligations are probably a lot lighter than they used to be. College is handled, and you’ve either paid off or made a pretty big dent in the mortgage. It’s an appropriate time to revisit your amount of coverage.

But there’s one good reason to keep coverage amounts high, especially if you have multiple kids, a business, or have a high-net worth. And that’s estate planning. How do you plan on dividing up your assets among the kids?

Three generations of family together - grandparents, children, and grandchildren

If you have assets that are hard to divide, like a house or land or a business, life insurance can help. You can leave one child some or all of those assets, and leave an equivalent value in cash to another child (or children) using family life insurance. It really helps smooth out those awkward family conversations about who wants to take over the family business. If only one kid says yes, does that mean the other kids get nothing? Life insurance solves that problem.

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Family Life Insurance: Want to Talk?

Want to talk about the best kind of life insurance coverage for your stage in life? Call me or email me today! Let’s find a way to protect your family.

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