Things Parents Should Know About Life Insurance

Few events rock your world like having a baby. Suddenly, everything is different—your body, how you spend your time, what you talk about with your friends. That also includes how you think about the future. It all hits differently with a new little person in your life who depends on you for everything.

It’s a time for hopes and dreams, with so much ahead of you, like making lasting memories as a family and creating opportunities for your little ones as they grow. But it’s also a time to plan for unexpected scenarios, such as helping support your children if something happens to you.

While no one likes to think about the prospect of difficult times, it’s important to plan for life’s most challenging events and how they may impact your children. Life insurance can be part of this plan by providing financial security to help with your children’s needs.

As you are starting a family, now can be a good time to look into life insurance—even if you’ve never thought about this important option before.

Planning for the unexpected

Life insurance is a form of financial protection that can provide a tax-free lump sum of money to your loved ones if you pass away. In general terms, it’s a contractual agreement between you and your insurer under which you pay premiums, and in return your designated beneficiaries receive a predetermined benefit in the event of your death. If something happens to your partner, life insurance could also be an important tool to help you financially as a beneficiary yourself.

“From baby carriages to college, parents want the best in life for their children,” says Annie Campoli, vice president of distribution, life and health at TD Insurance. “No parent wants to think about passing away and no longer being there for their children. However, with life insurance, your family can use the money however they choose in their moment of need. For example, they can use the money to help with end-of-life costs such as burial, manage their day-to-day living costs and fund long-term financial goals like education.”

Buying a life insurance plan at a young age may cost less than buying it when you’re older. For example, a healthy,35-year-old female non-smoker pays $14 a month for $250,000 of coverage on a TD 10-Year Term Life plan. Generally, the younger you are, you also have a higher chance of being approved without having to undergo an extensive medical exam. 

Life insurance—simplified

Caring for a little one likely means you’re really busy these days.

Between sleep and feeding schedules, baths and getting used to a whole new lifestyle, it’s hard to carve out the time and concentration you need to investigate something so important. How much coverage do you need? 10-Year Term Life or 20? You likely have many questions about what life insurance policy is best for you and your family.

The first step you can take to get some answers is connecting with tools that put clear information at your fingertips—on your schedule. For example, you can check out the Life Insurance Calculator at TDInsurance.com to find out how much coverage you may need and what your premiums will cost.

If you have questions, visit the TD Insurance life insurance website or call in to speak to a licensed TD Insurance Advisor.

“Welcoming a new baby can bring so much joy to a family…and also a lot of responsibility.  Getting started early and setting yourself up with life insurance can help protect your child's financial future,” adds Campoli.