Whether you have a family or are planning on creating one, there is a lot of information out there about how to best prepare for such a venture. Some of the information that may be so well-known or easy to find is the cost of preparing for having children. According to a recent survey, here are some facts that may make you think twice about how to prepare financially for having children:
An average of 6 million pregnancies happen in the U.S. per year
3% of all births are twins (That’s 180,000 twin births a year!)
On average, $10,000 is spent on the first year of raising a child
The average cost of raising 1 child to the age of 18 is $226,920.00
43% of the mothers asked say they don’t have any insurance
40% of parents asked said they would struggle financially if the primary wage earner stopped bringing in the income they are currently
Just under 50% of mothers asked say that raising a child costs more than they expected
Getting prepared for a new family is clearly expensive. However, there are some ways to save some money and still make sure you and your family are prepared. If you are not sure about the insurance coverage you have now, or don’t currently have any like the 43% of women asked, looking into life insurance can seem stressful and complicated. But knowing this information can help ease that stress.
Term life insurance is a life insurance policy that is set for a period of time. Typically this is 30 years so that it covers your family and children until they graduate college and can provide for themselves. Term life insurance is cheaper than whole life insurance and it is easier to get for most people, especially when looking to start a family.
Whole life insurance covers your family until your death and can allow for a cash savings option in a tax-deferred account. Whole life insurance is more expensive but the coverage lasts until your death.
Your financial status, family goals, and saving ability will determine which plan you will be most likely to pursue. If you are looking for Life insurance, or any other insurance policy that will help to cover the safety of you or your family, give Debbie at Southern Colorado Insurance Center a call at (719) 329-4441 so she can help you find the best policy to fit your family’s needs. To request a quote or to get more information you can email Debbie at youarefirst [at] scicteam [dot] com.