Ask yourself…will they be able to afford something as minor as a pair of 70-dollar athletic shoes? What about a computer, or a reliable used car when they get old enough to drive. Sure they can get a part time job and learn about responsibility, but wouldn’t you prefer they focus on being a kid first and learning about responsibility while they grow into being a young adult?
Life Insurance can transfer this risk and you can provide them a steady income to help support their childhood.
There are so many ways life insurance can be structured. Insurance can pay off a mortgage completely, or just for the next 5, 10, or 15 years of mortgage payments. Maybe you insure your income for the next 1 to 5 years so that loved-one’s have time to adjust to your death and loss of life. There is a lot of flexibility on how you can set it up.
What about Super-Mom? Mothers work their butts off to make sure the children are taken care of. It is not uncommon for mom’s to work 8 hours and then another 7 hours getting them ready for school and shuttling them to after school-events, or taking them shopping for clothes and to the doctor for check-ups.
There are so many ways you can help, even if it’s just a year of your salary to buy them some time during this difficult adjustment period after losing a loved one.