There’s nothing like the joy of your new baby.  Then comes the awesome responsibility of taking care of your child for the next 18 years.  What happens if you can’t?

Life insurance is important, especially for families with young children.  If either of the parents were to pass away, income needs to be replaced and life insurance is about the only source that can supply that. Social security benefits and group insurance may not be enough to cover all the costs of replacing your income.

A general rule of thumb on “how much is enough” is about 10 times your income. The only way to precisely determine how much you need is to analyze your situation, go through your assets, liabilities, how much income you need to replace, educational funding for the future, those sorts of things.

Term life insurance is cheaper than car insurance and yet many young families don’t have it.  Worse, when you need it, you may not be able to get it.

When you apply for a life insurance policy, you’ll be examined, they’ll check your medical history, and if there’s any significant medical history, that could affect the rates of the policy and also whether or not they will issue a policy. The majority of applicants are insurable at the best rates, however some medical conditions may increase those premium payments.
 
The odds are most young parents will live to a ripe old age, but accidents do happen and people do contract illnesses and that’s what life insurance is for.

Bottom line, buy life insurance when you’re young and healthy, when you think you don’t need it.