6 Reasons Why Millennial Moms Need Life Insurance (2024)

This post is sponsored by BabbleBoxx.com on behalf of Nationwide.

When my husband initially brought up the conversation about life insurance, I shrugged it off. Thinking about the need for life insurance was uncomfortable and unsettling, and as a stay at home mom, I felt like there really wasn’t a need and I was worried about the additional expense. Thankfully, he persisted and we sat down and talked with a financial advisor to go over all the details and why it was so important. Not only was I able to see why life insurance was so important, but was also surprised to find additional benefits and that it was significantly more affordable (most people think that it’s going to be 3x what it actually costs) than I thought it would be.

As parents, you do everything you can to keep your family happy, healthy and safe every single day. It’s just as important to ensure that you can do so in the event of an untimely death. Life insurance is a great option to ensure that your family will have the financial assistance that will be needed if you were to pass away. I understand it’s an uncomfortable subject to even think about, but it’s a necessary conversation to have. Below are just a few of the most important reasons why moms should consider purchasing life insurance.

Protection For Loved Ones

If you were to die, there are many people that would be effected. Aside from dealing with grief, suddenly your family would be dealing with the loss of your potential income, your debts and also the glaring hole that would be left with all the daily tasks that you do to keep your family afloat. As a parent, you are often the wearer of many hats: you watch your children all day, provide meals, transportation, cleaning and so much more. If you were to pass away, all of those things must continue to be done and may need to be outsourced. The cost of childcare alone can be outstanding and would provide an immense financial burden so having life insurance to help supplement costs/additional expenses is absolutely necessary. Life insurance can help lessen the burden of daily living expenses and especially be helpful during those stages of transition if something were to happen to you.

It’s Cheaper When You’re Younger

Life insurance prices tend to go up as you age, so there is no better time than today to lock in a rate for the future. Locking in a rate when you are young and healthy is the best way to secure a lower rate.

Prepare for Funeral Expenses

Funeral expenses can be staggering (average cost is $7000 to $9000). Life insurance can ease the difficult process by covering the costs of those expenses while taking one less burden off your grieving family.

Replace Money & Expenses You Don’t Have Yet

When you pass away, your family continues to move on long after you’ve passed. When thinking about life insurance think long-term and include in the costs that may be incurred in the next ten years or so. Things like college tuition, retirement, paying off your house, and/or taking over your debts are all scenarios that need to be considered. Life insurance can be helpful to provide for these future costs.

Peace Of Mind

Simply put, life insurance provides peace of mind for you and your loved ones if you were to unexpectedly pass away. You can rest easy knowing that those that depend and need you, will have additional financial coverage, if needed.

Supplement Employer Policies

You may think the policy you have through your employer is enough, and it could be, but employer policies generally only cover one or two times your annual salary. For most people, that won’t cover their needs. Plus, if you change jobs, the policy doesn’t move with you. Additional life insurance can help bridge the financial gap that isn’t being covered by your employer’s policy.

If life insurance that you haven’t thought about or something you’ve been unsure of, I urge you to chat with Nationwide. There are different types of life insurance policies (term life, whole life, universal life and variable life) and sitting down with a professional is the easiest way to see what type of policy is most beneficial for your particular family and to get life insurances rates. Nationwide works with you one on one to answer your all your questions, analyze your needs and select a life insurance policy that is right for you and your family.

Do you have life insurance?

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1. 

   Tiffany MontgomeryJuly 29, 2019 at 1:24 pm - Reply

   SO true, we all need more insurance when we are younger. It is cheaper… but it’s hard to wrap my mind around it because it seems like there are more pressing things that need my money now…

2. 

   ValerieJuly 29, 2019 at 1:48 pm - Reply

   I used to have insurance through an employer years ago but lost it. It’s one of my top goals to get again when possible.

3. 

   AmJuly 29, 2019 at 7:14 pm - Reply

   This is such an important post for parents. I wish they would teach more stuff like this while we are in school as a necessity. Thank you for this one!

4. 

   RachelJuly 29, 2019 at 10:02 pm - Reply

   First of all, YES! We’ve been majorly considering this for a while now. Second, HOW DID YOUR KIDS GET SO BIG !!?