Life Insurance Quotes

Cost of children a good reason to buy life insurance

09/01/11

As children head back to school, some life insurance coverage groups are reminding consumers and policy holders that a life insurance policy can protect your family in the event that you or your spouse dies, according to a Legal and General release.

As the cost of raising children continues to increase, many families support themselves with a dual income, and a potential blow to a family unit that results in a loss of income can be an enormous detriment, especially if the family supports multiple children. While statistics show that many people consider buying life insurance as they age and have children, they might want to consider investing in coverage when they are younger to save on rates and premiums.


Lower rates often spark a purchase rush of variable rate annuities, as indicated in the recent economic downturn, which saw a decrease in virtually every life insurance vein with the exception of variable rate annuities, which rose in sales by 27 percent in 2010, according to the Insurance Information Institute.

According to a report by the U.S. Department of Agriculture, average annual child-rearing expenses vary widely, depending on total household income. Two parent families with two-children households' child expenses range from a low of about $9,000 annually for households with an income under $57,600 to almost $20,000 for households with an income of more than $99,730.

Talk to an Advisor

A licensed insurance advisor can explain your options and help you choose the right life insurance for your needs.

Call: 1-800-823-4852

Chat: Live Advisor Chat

Sm

A few of the carriers we quote