7 Reasons to Take Out a Life Insurance Policy Before You Have Children

young married couple embracing

What if the best thing you could do for your kids happened before they were ever born? 

Many people struggle with the question of when they should take out life insurance. Parents typically decide to secure life insurance after they have children and begin to worry about their children’s future. 

However, parents are actually far better off getting life insurance before children. Don’t believe it? Keep reading to discover why taking out a life insurance policy before you have kids is a great idea. 

1. Get the Best Rate on Life Insurance Before Children Come 

The most obvious reason to get life insurance before children is that you will get the best possible rate. Why? Because life insurance favors those who are younger. 

Most insurance carriers require a health exam before you can get life insurance. The results of that exam determine how much you have to pay and even whether you can obtain life insurance at all. 

It’s not uncommon for parents to get life insurance after their children are a little older. However, at that point, the parents’ health may not be as good as it once was. By getting life insurance (especially term life insurance) earlier, parents can get the best possible rate. 

2. Buying Term Life Insurance Before Having Kids Makes Sense  

There are many different types of life insurance out there, including whole life insurance. But the best bet for parents interested in getting the most affordable life insurance while their kids are still dependents is term life insurance. 

As the name implies, you must buy term life insurance for a set period or term. Typically, this period can be as much as 30 years. 

The best thing about term life insurance is that you can “lock in” a rate for up to 30 years. Therefore, a would-be parent can take out a life insurance policy before their children are born. They will get the lowest possible rate, and they will have that insurance in place as a safety net for their spouse and children for the next three decades. 

3. Weight After Pregnancy Can Impact Life Insurance Rates  

Nothing keeps both prospective fathers and mothers from taking out a life insurance policy. In fact, it would be advisable for each parent to have their own policy. However, prospective mothers in particular should consider getting life insurance before having children. 

The reason why has to do with the health exam we mentioned earlier. One of the biggest factors related to your life insurance premium is your weight. Many women put on additional weight during pregnancy that may be difficult to shed after giving birth. 

Long story short? If you are a prospective mother planning on getting life insurance, getting it before you get pregnant can help you get the better rate. This will provide more affordable life insurance for up to the next three decades. 

4. Life Insurance Protects Against the Loss of the “Breadwinner” 

Most couples work out a specific “game plan” before having children. If possible, this game plan often involves one parent staying home with their child during the formative years while the other parent continues to work. This working parent is often known as the “breadwinner.” 

If this sounds like what you and your partner intend to do, ask yourself: What would happen if the breadwinner were to unexpectedly die? 

With a good life insurance policy, the surviving spouse and child will be covered for some time after the breadwinner’s death. This gives the surviving parent more than enough time to get back into the workforce so they can provide care to their child. 

5. Protect the House for the Surviving Spouse and Future Kids 

Sometimes, parents buy a home before having a child. Other times, parents have a child before buying a home. These decisions are often close together because, if possible, parents often want to raise their child in a home they own. 

Of course, “own” is relative. Depending on your mortgage policy, you may not be done paying for your home until 15 or even 30 years have passed! 

The unexpected death of a partner typically results in someone losing the house they love. With the right insurance policy, you can make sure the surviving spouse can pay for the house and raise your child in your shared dream home. 

6. Securing College Dreams for Future Children 

For parents, college often seems like a bit of a paradox. On one hand, a college education is the best way for their children to secure the best possible jobs. On the other hand, college gets more expensive year after year. 

If a parent should suddenly die, it can be difficult to pay for college, especially if that parent was the breadwinner. It’s possible for a parent to take out a life insurance policy sufficient to cover their child’s college tuition and expenses. 

This helps provide the peace of mind that no matter what happens to the parents, the child’s college education will be fully funded. 

young couple on couch with laptop looking at life insurance options

7. Help Secure Your Retirement with Life Insurance 

So far, we have been focusing on the short-term goals you may have regarding your children. Have you considered longer-term goals? 

For example, most parents dream of spending their golden years with their grandchildren. So if one parent unexpectedly dies, the surviving parent may spend their golden years simply struggling to make it from week to week. 

This is why many would-be parents take out 30-year insurance policies before they have children. By naming their spouse as the death beneficiary, prospective parents can make sure their surviving spouse has enough money to live on until they reach retirement age. When the surviving parent is old enough, they can rely on both retirement benefits and Social Security to help them enjoy time with their children and grandchildren. 

Get the Best Life Insurance Today! 

Now you know why it’s important to take out life insurance before you have children. But do you know where you can find the best life insurance? 

At InsureOne, we’re here to take care of all your life insurance needs. We are always ready for you to get a quote online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices and visit!