First and foremost, Happy Father’s Day to all the terrific dads out there – we hope it was a terrific one for you. If you are celebrating your first Father’s Day, let us extend an extra special Happy Father’s Day to you on behalf of the Insuring Income family. In this article we discuss life insurance for new fathers.
For all the dads out there you feel a sense of responsibility to those you care about. You work, you play chauffeur, you repair windows broken by errant baseballs, you nurture, and most importantly… you work to provide the very best for your family. While it is very unlikely, statistically speaking, that anything will happen to you while your children are young – it is an unfortunate reality that people pass away unexpectedly.
Life insurance cannot “replace” you as a; father, husband, partner, son, brother, member of your church, best friend, or as a person – any claim otherwise is irresponsible. Life insurance proceeds (also known as the death benefit) step in during tragic times to replace your earnings and provide for the financial needs and wants of your family, period.
Uses for the proceeds of a life insurance death benefit allow you to provide for:
- College funds for your children or grandchildren
- Paying off the mortgage and other debts
- Providing income for the surviving spouse, partner, or guardians, to care for their children.
- Easing the burden on your surviving spouse or partner to work if they want to, how they want to, and when they want to – not because they have to keep the family-corporate afloat.
- Pay off business debts (for business owners) and ensuring the succession planning of a business
- Satisfying the potential tax burdens when transferring assets1
It also provides you the opportunity to:
- Leave a legacy to your children and grandchildren; also known multi-generational planning
- Give gifts to charitable foundations
- Create a scholarship at your alma mater
The calculations for determining the amount of life insurance varies from person to person, household to household. In addition to the amount of life insurance, the type, the cost, and duration of that insurance should also be considered. Life insurance should create peace of mind, not stress.
You should always consider the following when taking the step to purchase life insurance, for the first time or if you are purchasing more:
- Will this life insurance meet, or at least make progress toward, what I need and want for my family? (Will it do what I want it to do?)
- How much am I going to spend2? (Is the cost vs. the amount of death benefit the best the marketplace has to offer?)
- Have I gotten a solid assessment of the quality life insurance carriers and their quoted rates?
- Is my insurance agent providing me the best advice for me, or the life insurance company?
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- Consult your tax professional and estate planning attorney before making any decisions in these areas, Insuring Income does not provide tax or legal advice.
- Life insurance rates are determined by a number of factors: age, health, habits, and health history of the individual and the criteria vs. cost of coverage varies greatly by insurance carrier. Quotes should be considered guidelines based on the simple details furnished, not as underwriting decisions, offers, or final determination of life insurance policy design or expense.