What Does Life Insurance Have to do With the Cost of Raising a Child?

It's no secret that raising a family is expensive but what does that have to do with life insurance? Plenty actually, but we will get to that shortly.

A recent US Department of Education annual report on the subject found that a middle-income family raising a child born in 2014 can expect to spend about $241,080 over the next 17 years, that's for one child. Given that the average family has 2.01 children, you can double(or more)that figure),sticker shock to be sure. Though these costs can vary based on a child's geographic location and family income, it's a very good estimate.

This kind of realistic information regarding the long term costs associated with raising a family can be helpful when thinking about how much term life insurance you need. It's best to talk with a knowledgeable life insurance marketplace specialist from a reputable company to decide what best meets your needs but in general, your life insurance need is determined as some multiple of your annual income.  15-20 times is generally a good starting point. While this is a good starting point, knowledge us power and knowing the approximate costs associated with a mortgage, heath care, child care and education can get you closer to the amount of  life insurance coverage you would truly need to ensure that your family is well taken care of should the unthinkable happen. .

Raising a family is a wonderful ,sometimes challenging and as we've seen, expensive adventure. Make sure you've taken steps to secure your family's future for the ride.