The Timing of Time Management- The New Parent’s Public Service Announcement to Obtain Life Insurance
Kate Morthland
Pandemic parenting must be one of the most mentally taxing chapters of my life. Not only do I have the ordinary worries of an increasingly brave and newly mobile baby, but I must also be constantly thinking about COVID exposure, which makes difficult errands and much-needed breaks harder to attain. A leisurely stroll in the grocery store has become an episode of Supermarket Sweep in an attempt to stay away from high-risk COVID situations. A quiet time away from the baby is now playing podcasts and laying in the backseat of my family car with a bag of Frito Lays.
New parents are faced with a “pressure cooker first year,” consumed by a lack of help, an increase of unsafe environments for children, and a decrease in social interaction.
Between the constant COVID fueled anxiety, never-ending loads of laundry, singing the “baby shark” song for the millionth time, and hunting for lost pacifiers under the crib, parents cannot forget about financially protecting their growing family. Understanding and obtaining life insurance must be at the top of the to-do list for new parents.
With only 52% of Americans with life insurance, you might be thinking that I am preaching for one more “unnecessary necessity” (much like that very expensive diaper wipe warmer that is gathering dust in the corner of your closet).[1] You are not alone. Many families overlook life insurance coverage because they think it costs too much; they don’t understand the importance of life insurance; they think saving money will give enough protection, or they are simply overwhelmed.[2] These are common misconceptions. I assure you; the financial security of your family is a premium well spent.
No one wants to think about their mortality. However, parents have the added responsibility of constantly thinking about the future. While life insurance can help families pay for final expenses, it may also be used to assist with paying future expenses, such as a mortgage, college, retirement support, protection of a business, or daily living expenses.[3]
Once you come to the easy conclusion that life insurance is critical to your family’s future, you should meet with a financial advisor to determine the amount of life insurance you need for proper protection. Each family’s needs are different. Life insurance can be tailored to your family and budget. For example, are you looking for life insurance and having a hard time making sure coverage is affordable?[4] If so, opt for term insurance, which is often less expensive than other life products. Are you looking for a policy that you can borrow, withdrawal, and invest with?[5] Then a permanent insurance policy is a good option for you. Unlike pandemic parenting, families don’t have to “go it alone” when searching for a policy. Insurance companies are at the ready to assist your family through the process of obtaining life insurance.
As parents, we scour through daycare reviews, food ingredients, and car seat installation guides, but glaze over the importance of leaving a financial future for our family if something unexpected were to happen.
In a world of uncertainty, give yourself and your family peace of mind by obtaining life insurance today.
[1] 39 Fascinating Life Insurance Statistics to Know in 2021; Spendmenot; 39+ Fascinating Life Insurance Statistics to Know in 2021 (spendmenot.com); (Last Updated August 11, 2021).
[2] 8 Life Insurance Facts and Myths; American Family Insurance; 8 Life Insurance Facts and Myths | American Family Insurance (amfam.com); (September 28, 2021).
[3]How Does Life Insurance Work; Insurance; How does life insurance work?; (September 28, 2021).
[4]How to Choose Between Term vs. Whole Life Insurance; Metlife; Term vs. Whole Life Insurance | MetLife; (September 28, 2021).
[5] Life Insurance for Families; Fidelity Life; Affordable Life Insurance for Families | Fidelity Life; (September 28, 2021).