Looking back on the years we raised our family, my husband’s company provided term life insurance that covered our kids. We always received those little mailers to start a new policy for each of them for a dollar, but I never did. We were probably pretty fortunate. So many of us never really think about life insurance for our children because as the old saying goes, “parents should never have to bury their children.”
This topic came up for me not because of any recent personal losses, but because of a few newspaper articles I’ve read lately about parents who have had to bury their children. It’s not something anyone wants to think about or even talk about. We usually don’t even want to think about our own untimely deaths, let alone the loss of a child, but it happens. In one recent article it was a 6-year old girl, who but for her cancer was the light of everyone’s life. Another article was about a 17-year old young man who died in an automobile crash. To their parents and family the loss is devastating, but add to that the financial burden without life insurance.
Daily there are instances when things happen to those we love but we don’t have to be unprepared. The burden of the loss is great, but it can be made even greater by adding the financial burden; including lost work time and funeral costs. Parents often have to take time off work for bereavement and the lost income can put a strain on the budget.
Although every parent wants to believe “it will never happen to us,” an affordable life insurance policy that grows with your child from birth is a wise decision. As your child grows to maturity, so will the life insurance and it can be used as a living benefit to help pay for college expenses, and later for family and retirement.
Call your AC Financial Adviser to talk about the life insurance coverage that fits your family’s needs and budget. Be prepared in case the unexpected happens.