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Life Insurance for New Parents

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Parenthood brings in a whole lot of joy and overwhelming emotions as there is simply nothing comparable to the joy of holding your child in your arm for the first time. From that moment you become a life-time protector of this bundle of joy and you would do anything to keep the child secure physically, emotionally and financially. A child needs to be financially secured too, as along with a new baby comes in a huge amount of financial responsibility which no parents would want to compromise with.

Every aspect requires money right from nursing the child through sickness, food, clothes, education etc and this financial support has to go on for several years until the child becomes independent. But in unfortunate circumstances with parent’s demise a child can get extremely insecure, but intelligent parents who care enough for life planning of a child think of various ways the child can be protected –and life insurance is one such way.

What is Life Insurance?

Life insurance is an agreement between an individual and the insurance company which makes sure that your dependent be it a child or parents or spouse, will be financially covered in the occasion of your demise or not being able to work for long period of time. The life insurance Policy should be a part of an individual’s life plan as it assists in managing living expenses such as food, utility bills and education in case of sudden death of the insured.

There are some life insurance plans that facilitate you with the additional benefit of inbuilt Riders and fulfill your financial needs in case you encounter with any terminal illness or accidental disability. This financial cover is provided by the insurance company till the set Term which usually ends when your children are financially independent.

Cost of Insurance

How much you pay to get life insurance policy depends on a number of factors such as:

  • The duration covered or the length of term i.e. the number of years covered - the longer the period, the costlier the monthly premium.
  • The amount of sum Assured you opt for.
  • Your age and health condition play a dominant role, if you are younger and healthier you need to shell out less money as monthly premium.
  • Authenticity of your information, if you furnish wrong information or hide information like smoking, some preexisting disease condition etc, you tend to lose all your investment, which will cost you a lot .

Life insurance companies generally disburse large amounts of money and are thus very skeptical before making any payments, so do not be mistaken by the idea of fooling them.

Various Types of Life Insurance

There are several types of insurance policies available intended to cover various aspects of your life. You have to understand your current situation, take a look at your life plan and then decide which type of insurance to select from. Below are some of the popular insurance policies:

Term life insurance which offers a fixed amount of Coverage for a fixed amount of time (term) for a set rate. When a child is born, as new parents with proper life planning attitude, Term Insurance is probably a good choice. In this option you can get life insurance for 10, 20 and 30 year terms. But first you need to assess your required coverage by taking into consideration your housing loan balance and other debts, monthly expenses, and future education costs. Your objective would be to prevent your family from losing their home at the very least and keep up with the daily expense in your absence.

Critical Illness insurance which will bring in a lump sum amount in case you are diagnosed with of any critical illness. This lump sum amount can be used for treatment or as a source of living expense.

Income protection helps you to substitute your source of income in case of a serious illness or disability of the earning member of the family. This scheme is aimed to support the family members of the Insured both for long time and short term inability of the insured to earn living for his dependents, but the duration of the disability period being covered depends on the coverage taken by the insured.