Authentic Parenting

Things Every Parent Should Know About Insurance

Almost everyone knows that insurance is important, but with the many types you can get, knowing what you actually need can be a bit confusing. As a parent, thinking about the future and planning for it should be priorities and not something that gets put off. When it comes to life, there are a variety of things that can happen that simply cannot be prevented, from illnesses to injuries, and even death. These are not topics that anyone wants to think about, but should be planned for just in case. 

Health Insurance 

Health insurance is something that every member of the family should have. If you or your partner work full-time, you should be able to get health insurance at a good rate from the employer. Medical care can be quite expensive when paying out of pocket, something that many families simply cannot afford. Health insurance is a way that can lower medical costs for you and your children. It’s also a way that you can receive free preventative care, such as checkups, vaccines, and screenings. Even if you strive to live the healthiest lifestyle possible, health insurance is still something you want to make sure everyone has. 

Life Insurance 

It’s understandable to not want to think about dying or your spouse dying, but it’s a part of life that cannot be avoided. Having life insurance is an essential way to make sure your family can afford the costs associated with your death, as well as provide them with extra money for anything they may need. It can cost thousands of dollars for a funeral, as well as all costs associated with dying, and life insurance is just a way to ease that financial burden from your family. The good thing about life insurance policies is that you can find one that best fits your specific wants as well as your budget. 

Life Insurance for Your Children 

It’s not a requirement to have life insurance policies for your children, but it’s definitely something to think about. It’s just another way to offer financial protection in the event that something tragic occurs. A good thing about life insurance for children is that you can get a policy that covers them for life. Children’s life insurance policies are typically small, but enough to cover costs associated with an unexpected death. When looking into policies for your children, look for ones that offer a locked-in rate, meaning it’ll remain affordable, even as they become adults as long as the premium is paid. 

Accidental Death Insurance 

Accidental death insurance is a policy you can get as a stand-alone product, or to go along with your life insurance. This type of policy is one that only pays out if you die as a result of an accident, or lose a body part, or the ability to see or speak from an accident. Even though the chances of dying from an illness are greater than dying from an accident, if you have both life insurance and accidental death insurance and die from an accident, the payout to your loved ones can be pretty significant. 

If you’re interested in a specific type of insurance but are not really sure if you need it, it helps to take the time to look more into the pros and cons. Health and life insurance are two types you definitely should have, and any other types of policies can be purchased if the budget allows. Having the right type of insurance coverage is just one way you can plan ahead for the unexpected. Life has a way of throwing curveballs when you least expect it, so being proactive is one of the smartest things you can do.