Home Life insurance Life insurance for parents Life insurance for parents Learn everything you need to know about incorporating life insurance into your family plan. Written by: Huma Naeem | Reviewed by: Nupur Gambhir Nupur Gambhir Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. | Posted on March 31, 2023 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. Anyone who provides financial support or has dependents should seriously consider life insurance. Coverage provides a financial safety net if you die prematurely and saves those who depend on you from a world of hardship. Parents, in particular, need life insurance to secure the financial health of their children if they die. Most parents cover the copious costs of living for their children, such as food, housing, and clothes. If a parent suddenly dies, the child would lose the financial support they need. Read on to learn more about getting life insurance coverage as a parent. When should parents get life insurance? The best time for a parent to get life insurance is before becoming a parent. Life insurance rates go up with age. Life insurance rates also increase if you experience an adverse health condition, so it’s best to get coverage as soon as you start family planning. Additionally, pregnancy can impact your life insurance application. If you are pregnant, you may receive higher rates or an application postponement after the second trimester or up to two months after birth. Multiple factors can impact your application while you’re pregnant, including: High-risk pregnancy High cholesterol Gestational diabetes Postpartum depression Each insurer is different, so it’s important to shop around when buying life insurance. How much life insurance should parents get? Raising a child is expensive. According to The Brookings Institution, raising a child to age 17 now costs $310,605. Due to inflation, The Brookings Institution estimates this rate will raise by at least 4% by 2032. While the general recommendation is to get 10 to 15 times your income in life insurance, parents have some additional factors to consider. For example, do you plan to pay for your children’s college tuition? If so, you may need to increase your coverage a bit. To determine how much you need, calculate the expenses you plan to cover and account for inflation. You’ll want to include food, a mortgage, medical bills and basic living expenses. Additionally, you’ll want a policy that lasts long enough to provide the coverage your children will need. For example, if you’re getting a policy when your kids are in their teens, you might only need a 10-year term length. But if you’re getting a policy when your child is a newborn, you’ll want a term length of at least 20 years. Talk to an agent about your needs to get a life insurance policy that offers enough coverage. How to protect your children with life insurance While life insurance is a great way to protect the financial future of your children, you also need to be cautious when determining your policy’s beneficiaries. Generally, insurers won’t pay out to minors, which may lead the death benefit to being tied up in court for years. By the time they receive the money, they may be adults — long after they needed the financial support. But there are other ways to ensure your children get the money. Consider listing your children’s planned guardian as your policy’s beneficiary, such as your spouse or partner. You can also name an irrevocable trust as the beneficiary, ensuring the funds go toward your children’s care. By using a trust and designating a trustee, you can dictate exactly how the death benefit should be used after you die. QuickTake How to make sure you have enough life insurance Understanding your life insurance policy options Life insurance riders: What they are and how they work What is a life insurance beneficiary? How to read your life insurance policy How to find out if someone has life insurance How life insurance works for high-net-worth individuals Family caregivers guide to insurance: What you need to know 8 ways to find life insurance when you're uninsurable How to use your insurance to help your adult children 10 ways to save money on life insurance Combination life insurance or long-term care: Make the right pick Covid-19 and life insurance: What you need to know? Life insurance for new parents When to reassess your life insurance needs The basics of return of premium term life insurance Guide to life insurance for children Life insurance for people with pre-existing conditions The most expensive medical conditions for life insurance buyers 5 questions to ask before you buy term life insurance Can I change my insurance plan if I get pregnant? | Insure.com Life insurance trusts for child beneficiaries What is cash value life insurance and how does it work? Using life insurance to fund retirement Accidental death and dismemberment insurance The most common mistakes people make when choosing their life insurance beneficiaries What to do if you get declined for life insurance The life insurance contestability period: What you need to know The advantages of survivorship life insurance policies Life insurance for people with risky occupations Who's who on a life insurance policy What is guaranteed issue life insurance? What is a contingent life insurance beneficiary? What is an accelerated death benefit rider and how does it work? Comprehensive guide to life insurance basics: Understanding coverage and how it works. Life insurance for women Can you avoid estate taxes with a life insurance trust? What are per capita and per stirpes life insurance beneficiaries? Why it’s important for mothers, especially single mothers, to have life insurance Do I need a life insurance trust? What is an irrevocable life insurance beneficiary? What happens to the cash value of my whole life insurance policy when I die? How to buy life insurance Guide to life insurance for transgender applicants How does the life insurance underwriting process work? How much life insurance do you need? Combination life insurance merges long-term care with your policy What is simplified issue term life insurance? Is life insurance taxable? How to convert a term life policy to permanent life insurance Life insurance tax surprise: The unholy trinity How life insurance rates are determined How to do a needs analysis before you buy life insurance Sports that could knock you out of contention for life insurance Variable life and variable annuity sub-accounts: The more the merrier? See more > Life insurance for stay-at-home parents The primary breadwinner isn’t the only parent who should get life insurance coverage. Stay-at-home parents make significant contributions to the household that would need to be replaced if they died. In fact, our study found that a stay-at-home parent’s contributions would amount to $126,725 if they were in the workforce. That’s a huge chunk of change that would need to be replaced if a stay-at-home parent died unexpectedly. If you’re planning to start a family or recently decided you want to get financial protection for your family, it’s best to get coverage as soon as possible. Rates only increase with age, and locking in a policy ensures you get the most affordable price. × Get Free Life Insurance Quotes Today! Zip Code Please enter valid zip Age Age 16 – 20 21 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ Coverage Amount Coverage Amount $50,000 – $100,000 $100,000 – $200,000 $200,000 – $300,000 $400,000 – $500,000 $500,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000+ Coverage Type Coverage Type Whole Life Term Life Final Expense Not Sure Gender Gender Male Female Non-Binary Tobacco Use Yes No Compare Quotes Related Articles Mother’s Day Index 2024: Mom’s salary increases by 5% from 2023 By Chris Kissell How to make sure you have enough life insurance By Jeffrey Green Types of life insurance By Huma Naeem Mortgage protection insurance: Who needs it and why By Huma Naeem What is final expense insurance and how does it work? By Desiree Ghazi What is term life insurance and how does it work? By Desiree Ghazi On this page When should parents get life insurance?How much life insurance should parents get?How to protect your children with life insuranceLife insurance for stay-at-home parents Get instant quotes now ! Please enter valid zip Get Quotes