When you’re starting a family you face perhaps the most daunting financial pressures you’ll encounter at any stage of life. Expenses like a new home and young children weigh heavily, and you’re likely still early in your career, far from your peak earning potential. Meanwhile, you need to begin saving for the future: college for the kids, a nest egg for you and your spouse. How can you address all of these obligations at once?
The key is to imagine you’re at the beginning of a long-term building process. Financial security is a combination of insurance protection, and savings and investments that accumulate over time. Start small and cover all your bases. As your career progresses and your income increases, your financial security will grow as well.
Establishing your financial security is to confront the biggest threats to it by asking yourself some tough questions: What would happen if you or your spouse or partner became sick, injured or died? All of these situations can be devastating to your family’s financial health. That’s where insurance comes in.
Life insurance can provide your family members the resources to maintain their lifestyle when you die. It can replace some or all of your income, pay off debts, cover funeral costs and can even help fund longer-range needs like college tuition or retirement. Insure your spouse or partner as well, even if he or she doesn’t work outside the home. A stay-at-home parent provides vital household services—childcare, house upkeep and transportation to name a few—that would be expensive to replace.
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