As a new parent, you have many responsibilities to handle. In fact, you probably have too many responsibilities. One of the most important things that all new parents should think about is securing life insurance for their newly born child.
Understanding how life insurance works and why you should get it as soon as your baby is born is essential. Here’s what you need to know:
- First, understand term life insurance. A fixed rate is provided for term life insurance. This plan is generally for 10, 20, or 30 years. When a policy expires, you need to renew it again. Younger families will benefit from these types of insurance plans.
- There are also whole life insurance plans. These are permanent and cover you for as long as you live. Experts agree that younger families should avoid these types of coverage because they tend to be more expensive.
- Getting life insurance for your child when they are young is an excellent idea because they are at their healthiest and the youngest they can be. They can start with a low rate from the get-go.
- Keep in mind that as parents, you need to be insured just like your child. This will give them financial stability should anything happen to either of you.
Contact Phil Klein Insurance Group for More Information
If you are a new parent in West Bloomfield, MI and are interested in learning more about life insurance options for your child or children, contact Phil Klein Insurance Group at your earliest convenience. We are proud to serve the residents of West Bloomfield, MI, and one of our agents would be happy to speak with you about your available life insurance options.
We can discuss options for your children as well as for you and your spouse. Visit our nearest location or give us a call today. We look forward to hearing from you.