Any person that is married and/or has children should obtain life insurance. It is an investment that will have a positive effect on the lives of those left behind upon one’s death. As soon as a woman learns that she is pregnant, she should begin thinking about obtaining life insurance. Life insurance will ensure that her husband and child (or children) are financially taken care of in the event of her death. The younger a woman is, the less it will cost to insure her.
Family Planning and Life Insurance
A major part of the family planning process involves life insurance. However, rather then doing so haphazardly, a woman needs to take a more structured approach. Sitting down with an insurance sales man/woman or a financial advisor can be very helpful. He or she will be able to help calculate how much life insurance a person needs. Normally a special equation is used.
How Much Life Insurance is Enough?
Some professionals recommend that an individual purchase a policy that would replace the income from the day they died until the year they would have retired. For example, a 25 year old woman who earns $20,000 would need a policy worth approximately $500,000. This amount of money would give her family enough money to pay for burial expenses and would replace her pre-retirement income. She may also want to consider the amount of debt she and her family has and then add enough to the policy so that those debts can be paid off upon her and her family still has enough money to cover current and future living expenses.
The Importance of Life Insurance
Life insurance can make the transition period which occurs after a person dies, a bit easier. Rather then those left behind having to deal with the loss of someone they love while simultaneously struggling with financial problems, the latter is taken care of, at least in part. Having an adequate amount of life insurance is one of the most loving and caring things any parent can do.
Once a woman becomes pregnant, she needs to begin thinking in terms of protecting her children, in the event that something were to happen to her. Life insurance is one way to do so. In addition to benefiting her children, a life insurance policy would also benefit her spouse or the father of her children, so they may be able to adequately care for the children financially and if necessary spend a few months at home with them until they are better adjusted.