How much can you expect to spend raising your child?
Very few new parents are completely prepared for all the responsibilities of raising a child – least of all the cost associated with adding a member to their family. In fact, annual child-rearing expense estimates, on average, are $12,980 for a child in a two-child, married-couple, middle-income family.1 Plus, many families will also want to factor in the cost of paying for college education, and these costs have historically risen each year.2
The high price tag that comes along with having children may be one of the reasons why many couples choose to purchase term life insurance coverage and accidental death and dismemberment insurance (AD&D) issued by The Prudential Insurance Company of America when they start a family. As difficult as it may be with two parents contributing to the care and financial well-being of a child, it may be even harder should one parent die, leaving the other to support the family on one income. And if you are a single parent, it may be important to help ensure the financial security of your children, should something happen to you.
How much term life insurance should you purchase?
Many parents may choose to purchase a term life policy of up to 10 times their gross annual income to help provide their spouse with the money needed to pay for housing, clothes, food, and educational and child care needs, if they were to die. It is financial protection many families may think they’ll never need, but may be glad they have should something unexpected happen.
SEIU Insurance Program
You work hard. Make sure you have a plan in place to help protect what you’ve worked so hard to build. Make sure your family can go on living the life you want for them even after you’re gone.
Visit www.seiumb.com/life to apply for affordable Term Life Insurance.
Have questions? Please call 1-844-836-7348 to speak to one of our experienced representatives today.
1. “USDA Expenditures on Children by Families, 2015”
2. The College Board, Tuition and Fees and Room and Board Over Time, 2006-07 to 2016-17.
Group Insurance coverages are issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ. CA COA# 1179. NAIC# 68241.