The Gerber Life Parenting Blog

Protect Your Child: Term Life Insurance

April 2, 2012

Protect Your Child with Term Life InsuranceThe premise behind term life insurance is that it protects your loved ones by replacing your income in the event of your death. Children have no dependents, so typically, child term life insurance is not the best investment choice.

However, when you purchase term life insurance for yourself and your spouse, you are really purchasing it for the security and well being of your children. In many cases, if it was just you and your spouse, you could survive if something happened to one of you. Term life insurance is about securing your spouse’s future at the same standard of living in the event of your death and, most importantly, protecting and caring for your children financially even after you are gone.

With that in mind, consider these living expenses and child care costs, then speak with a Gerber Life Insurance representative to make sure that your term life insurance policy covers them all.

  • Housing for your spouse and children (including paying off a mortgage)
  • Daily living expenses, including food, clothing and toys (i.e., replace your income with term life insurance)
  • Childcare costs. If you are the primary caregiver for your children, will your spouse have the money to stay home and fill your role or hire quality childcare for your children?
  • College costs. Have you started saving for your child’s education? Your life insurance policy should permit your spouse to continue saving for college, or even pay the college bills in full when the time comes
  • Medical costs. Do you provide medical insurance for your family? In the event something happens to you, your spouse and children will need medical coverage.

If you’ve recently gotten married or had a child, now is the time to re-visit your term life insurance plan and make sure your family is fully covered for all their needs if something should happen to you.

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