By Amiralli Dodhiya
Houston: When it comes to money matters, young parents who are just starting out have a lot to juggle: They may be paying off student debt and saving for their î€first home, all while raising kids.
But itâ€™s also a time when young families may be the most fnancially vulnerable should the unexpected strike. To ensure that they have î€nancial protection when they need it most, purchasing a life insurance policy should be top of mind.
Here are five reasons why young families need life insurance:
1. You just never know. While itâ€™s not the most pleasant thing to ponder, an emergency situation could quickly put your familyâ€™s fiî€nances under water. In fact, nearly half of Americans donâ€™t have enough savings to take care of a $400 emergency response. And when youâ€™re starting out, not having protection in case something happens to a familyâ€™s breadwinner is even scarier.
2. The earlier you opt in, the more affordable it is. Because age is one of the factors that affects the cost of your premium, the younger you are when you purchase a policy, the less youâ€™ll be paying each year.
3. Itâ€™s not as expensive as you think. If youâ€™re on a budget and are convinced you canâ€™t afford life insurance, consider term life insurance. It guarantees protection for a set amount of time. Since itâ€™s not designed to last a lifetime, the annual premiums are considerably lower.
4. It lets you concentrate on other goals. Once you have the peace of mind and î€nancial protection that life insurance grants you, you may feel secure enough to fund long-term goals, like buying a home, saving for your nest egg, or going back to school.
5. You can always upgrade at a later date. Donâ€™t let the fear of making the wrong decision deter you from purchasing a policy now. The policy you purchase today isnâ€™t intended to be set in stone. As your familyâ€™s needs change, you have the option of making upgrades.
We know itâ€™s not easy for young families to make their life insurance needs a priority, given all their competing fiî€nancial obligations. However, life insurance is a vehicle for protection that is not only affordable, but can also help families save money and can ultimately propel them toward reaching both their mediate and far-reaching goals.
This educational, third-party article is provided as a courtesy by Amiralli (Amir) Dodhiya, Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Amiralli (Amir) Dodhiya at 832-877-0177.