So you’re a parent. Your children are your pride and joy. But what if something tragic were to happen to you? That’s where life insurance for parents may help. We can help you find quotes for a great policy to help protect your children’s financial future in case something tragic were to happen to you. Here are the most frequently asked questions we receive about life insurance on a parent.
Why might I get a life insurance for parent policy?
Because your children most likely depend on you. What if you were to pass away? What would your family do? That’s where a life insurance for parent policy may come in. Life insurance for parents may help take care of expenses like school tuition, mortgage payments, health care bills, and other expenses your beneficiaries may need to take care of (in the event of your death). Since you don’t want to have your beneficiaries struggle without you, a life insurance for parent policy could be the way to go. The comfort you may get from a life insurance on a parent policy could be priceless.
How does a life insurance on a parent policy differ from a regular life insurance policy?
They are both life insurance policies. The only real difference may be to figure out what the policy coverage should be. For example, if you have your mortgage paid and no children, you may need less coverage than if you had a mortgage and four kids. That’s where a life insurance on a parent policy may help.
How much coverage do I need with a life insurance on a parent policy?
In most cases, we suggest that you may want to multiply your income by seven to ten to figure out an amount that may suit your needs. You can also add up what outstanding debts you and your beneficiaries have, and how much they might need to help them enjoy a similar standard of living.
But I have life insurance from my employer. Isn’t that enough? Why do I need a life insurance for parents policy?
Typically, there may be two major reasons. Employers’ group life insurance coverage generally does not offer the same coverage as life insurance for parents does. Second, if you lose your job, your life insurance coverage could be over. If you have your own life insurance for parents policy, you may not have to worry about that happening.
How could I get quotes for life insurance on a parent?
Just fill out a life insurance on a parent quote form today!