Life Insurance for Dads: 4 Things To Know

If you’re a dad, you’re probably the go-to guy in your family for a whole lot of issues. Your family relies on you every day, probably more than you even know, so what would they do if something were to happen to you? Aside from dealing with the immense grief of losing their husband and father, they would also struggle financially without you. 

Unfortunately, though, studies show that an estimated 1 in 4 men do not have life insurance, and many are not even sure what the purpose of a policy is. But before you write off the need for life insurance, or before you begin searching for a policy if you are planning on purchasing one, there are some important things you need to know.

1. Your Employer’s Life Insurance Is Not Enough

puzzle with a missing piece
Employer life insurance is usually not enough to help your family when you are gone.

A lot of employers offer life insurance to their employees for a very low monthly cost. You might be tempted to think that this coverage is enough, and you won’t need another policy, but the reality is most of the time employer-based life insurance simply doesn’t provide enough coverage for the average family. Many studies show that you should have a policy that is at least seven to ten times your income, which is generally not possible with employer-based life insurance. In addition, if you leave your job, you will lose that life insurance policy.

2. Children Are Expensive! 

This will probably come as no surprise to you, but raising children is not cheap. According to the US Department of Agriculture, the average cost of raising a child from birth to age 17 is almost a quarter of a million dollars! And this does not include the cost of college tuition, if you are planning on helping them with that. So consider what would happen if you weren’t around to help. Fortunately, life insurance is a great way to help your spouse continue to raise your children and provide for them no matter what happens.

3. Your Spouse Needs Your Help

black and white picture of a married man and woman
Your spouse will need help with bills and debts when you are gone.

You took a vow to love and protect your spouse for as long as you both shall live, but those vows should actually go beyond that. Your spouse needs your help now while you’re raising your family, but they would need your help more than ever if you were to pass away. You can make sure that they would be taken care of with life insurance, which can provide help paying the bills, caring for the kids, and more. 

4. Coverage Is More Affordable Than You Think

One of the main reasons that people don’t buy life insurance is that they think it’s more expensive than it actually is. In fact, research shows that consumers think life insurance is nearly three times more expensive than it really is, which is why many don’t even look into it. However, what most people don’t know is that a $250,000 10-year term life insurance policy for a healthy 30-year-old man can cost as little as $14 a month! Not to mention, the younger that you are, the cheaper your rates will be, which is why it is important to begin looking into life insurance as soon as possible.

Protecting Your Family

So all you dads out there, remember: your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. 

The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

About The Author:
Cassandra Love

With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.

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