How to Plan Life Insurance for Your Family

February 3, 2020

Since 2010, each February we celebrate “Insure Your Love” month. Started by Life Happens, this campaign seeks to educate consumers on the importance of life insurance and encourage them to purchase coverage to protect their loved ones against whatever could happen.

Though life insurance is a coverage that you purchase for yourself, your policy can have lasting benefits for your entire family, even after your passing. Whether you are in the early stages of planning your family or you and your spouse already have your own family, it’s important to take your family and your family’s future into account when considering which policy is right for you.

Your Own Coverage

Before you start thinking about your family, it’s important to make sure that you have your own policy taken care of. If you don’t have any life insurance coverage, now is the perfect time to contact your insurance provider to discuss which option would be right for you.

If you already have coverage, we recommend taking a close look at your current policy and whether it is aligned with your plans for the future. If you have a term life policy, when will it expire? How much coverage does your current policy provide? How has your life changed since you purchased it? These are all questions worth discussing with your insurance agent.

Coverage for Your Spouse

A common misconception is that only the family breadwinner needs life insurance, because the death benefit will provide income replacement to secure the family’s financial future. While this is true and a very valuable application of life insurance, the breadwinner shouldn’t be the only one with life insurance coverage.

Whether the supporting partner brings in a reduced income or is in charge of the home, they still bring value to the household, and their untimely passing could be an upheaval for the family. A life insurance policy could provide an additional income stream that would allow the breadwinner to take some time away from work, could cover the funeral and other end-of-life expenses, or could be an investment in your children's’ futures (such as a college fund).

The bottom line? More policies mean more coverage for your family.

Coverage for Your Children

Though it isn’t as common, you absolutely can purchase life insurance for your child. Rather than waiting for them to reach adulthood and purchase their own coverage, you have the option to purchase a policy for them now. Whole life insurance would be inexpensive to purchase now and could cover them for the rest of their lives.

If you aren’t purchasing life insurance for your child now, think about when you will purchase a policy for them and consider how your other policies will provide for their future. From savings accounts to educational funds, it’s important to ensure that the cost of raising your child would be covered.

Coverage for Other Dependents

Your children may have grown up and started families of their own, but do you have any other dependents? If you or your spouse have aging parents that live with you or that you are providing for financially, make sure to consider them in your life insurance planning. Do they have policies of their own? Even if they do not have the ability to purchase their own policy, you can purchase one for them if you can establish insurable interest.

You don’t need chocolates, flowers, or diamonds to show that you love someone. This month, insure your love by making sure that you and your family have the life insurance protection that you need.

About National Catholic Society of Foresters

At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. Sales from our financial services products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. Our portfolio is extensive, ranging from various life insurance policies to IRA’s to support your financial needs no matter what stage of life you’re in. For more information, contact our friendly experts today at (855) 804-7424.