As new parents, the well-being of your child is first on your list and that is why you need to know about the policy known as life insurance.
New parents have multiple things running through their minds all at once and most, if not all, of those thoughts regard the well-being of their baby. Are they eating enough? Are they breathing? Is the car seat installed properly? These are all questions all new parents ask. But, as new parents, did you know one of the best ways to guarantee that your child has the best life should you pass away before your time? Here is the New Parents’ Guide to Life Insurance.
What exactly is life insurance?
Should you pass away, life insurance provides a payment to those whom you have listed as beneficiaries. As the parent and owner of the policy, you can name your spouse, children, or other trusted loved one.
What policies exist?
There are two main kinds of life insurance policies that exist in our world. The first being whole life insurance and the other being term life insurance.
Whole life insurance lasts for the duration of your entire life, but can hold monetary value should you retire and decide it is something you no longer need.
Term life insurance (as the name hints) only lasts for a certain amount of time, or term. The term is chosen when you buy the policy. While it may not last your whole life, it is the cheaper and most popular option.
We hope you use this guide to give you a good start if you are interested in life insurance. For more information on how you can get the correct amount of life insurance coverage for your new family, contact the Bristol team at C.V. Mason Insurance Agency.