When you’re young and healthy, the last thing on your mind is life insurance. You’re enjoying those everyday moments — making plans on how to spend your time, not what to do if it’s cut short unexpectedly.
The fact is, life insurance matters, no matter where you are in life. But it’s particularly important for millennial families with young children. Recent studies show nearly half of younger couples with children had life insurance, but that the majority of these couples purchased their policy within the last two years.1 2020’s COVID-19 pandemic only increased the interest in life insurance coverage and served as a trigger event for people to apply for or increase coverage.1
Without sufficient life insurance coverage, your family, your most important asset, may suffer from financial hardship should you pass away. Dealing with grief at any stage of your life is hard, but dealing with financial stress on top of grief can make it that much harder. Proper coverage can help alleviate the financial stress.
Why life insurance is important for young parents
Caring for children’s basic needs — like food, clothing, and shelter — gets more expensive with each passing year. Add to that the costs of daycare and schooling.
Life insurance can help pay for these expenses, perhaps even paying off a mortgage or covering your child’s education in its entirety.
Most importantly, life insurance can help your family maintain its current lifestyle during emotionally hard times. You don’t want your loved ones to worry about financial issues too.