If you have a growing family, you’re likely juggling many responsibilities, from paying monthly bills to saving for the future. Although life insurance might not be on your radar right now, it’s a crucial step in helping secure your family’s financial well-being down the road.
Most parents would agree, kids are expensive! In fact, the average cost to raise a child to 18 years old is around $237,482.1 Families typically face higher costs for housing, groceries, clothing, healthcare, and transportation, as well as additional expenses for childcare and education. If something were to happen to a primary income earner, life insurance can help replace lost income and ensure family members can still cover their daily needs without increasing debt or facing financial hardship.
When you buy life insurance while you’re young and healthy, you can often lock in lower premiums and choose from a wider range of affordable options. If you develop health conditions later in life, you may face higher premiums or find it more difficult to get coverage. With the ability to select a policy that fits your current needs and budget, you can make sure your family is protected without putting a strain on your finances.
Almost half of adults in the U.S. say they would feel financial hardship within six months if a primary wage earner were to pass way.2 That can be enough to keep anyone up at night. With life insurance, your family can rest assured that immediate needs and future dreams are protected, allowing you to focus on life’s milestones without the constant worry of the unexpected.
To get started creating a financial safety net, begin by calculating your needs and exploring which options can help bring the security and confidence your loved ones deserve.
1 Lending Tree. September 2023.
2 2024 Insurance Barometer Study, Life Happens and LIMRA. Policies are issued and underwritten by The Union Labor Life Insurance Company, Silver Spring, MD.Ullico Select, LLC is a subsidiary of Ullico Inc., the holding company, CA Lic# 0G93797.
