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Your Growing Family: A Growing Need For Financial Protection

Life events such as marriage, buying a house or the birth of a child can make your existing coverage insufficient. In a blink of an eye, you go from strollers to soccer games to graduation ceremonies.

During this exciting and exhausting time of your life, it’s more important than ever to think life insurance. Your life is no longer just about you. If something would happen to you, the biggest gift your can give your spouse and children is a secure financial future.

As an example, people buy term life insurance to cover their mortgage, expecting to pay it off over the years. However, over the years, as their family becomes larger, they buy a bigger house to suit their new needs. So now, they may have a bigger mortgage for an additional 20 or 25 years, without having increased their insurance to cover it!

It is important to realize that life insurance is something that you buy today for peace of mind in the future. While we recommend having a coverage amount of five to seven times your current annual net income, it is equally important to think about your increasing or changing needs before making a purchase decision.

Today, 4 in 10 households with children under 18 now include a mother who is either the sole or primary earner for her family, one third of wives own no life insurance at all. Among women who have life insurance, their coverage is only 69 percent of the average coverage on men.

Insurance professionals also recommend that you review your life insurance coverage at least once a year to ensure your existing coverage fits your needs. However, replacing or upgrading your existing coverage becomes challenging because as your age increases:

  • Rates go up

  • Your health may change

Take a little time and think about what your family needs – now and in the future. Life insurance could be one the best financial steps you could take to protect your family. Getting a quote is simple. As your insurance agents, RCB & Associates can give you multiple options and walk you through the process of applying.

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