Why you should get life insurance when you have a baby

Why you should get life insurance when you have a baby

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Being a new parent requires you to have life insurance especially with a newborn baby. As a new parent, your plate of responsibilities starts piling up and with baby expenses adding to the list; stress and anxiety start to creep in. Any time we experience a big life event, the first thing to do is to re-evaluate your needs and this is where life insurance comes in.

So what exactly does the term life insurance mean? In a nutshell, should the policyholder pass away within the policy period, a lump sum is paid out to the beneficiaries. The interest accrued during the policy period is taxable, however, the lump sum is tax-free. This makes it the go-to family financial option for new parents as it offers guaranteed financial security.

Here are the top five reasons why new parents should get life insurance:

  1. Affordability

A new baby comes with a mountain of baby costs, life insurance isn’t as expensive as you might think. Depending on your cover amount and age, you can pay from as little as R200 pm. This means that you can replace an existing policy with a new one or get an additional policy to protect your family.

  1. Your age can save you money

Getting a new policy when you’re young and healthy will save you money long-term. The younger you are when signing up for a cover, the less you pay compared to a 40 or 50-year-old. The more you age, the more expensive your life insurance policies get. Rule of thumb, get it while young.

  1. Protection for your income

In the event of your death and you leave behind a spouse and child, your insurance policy will assist in replacing your income. This will enable your family to meet the monthly financial obligations for your both your household and child.

  1. Protection for a stay-at-home parent

There’s a misconception that stay-at-home parents don’t really need life insurance, however, they do. As the policyholder and in some cases the breadwinner. If you die, the stay-at-home parent will have to step in and provide care for your child. This includes expenses for daycare or School, with an insurance policy in place, the benefits can help to pay for these costs thus enabling the stay-at-home parent to take care of your child.

With a life insurance policy in place, you can take care of your growing family – even when life happens.

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