Reason 6/8 For Purchasing Life Insurance

One of the strongest reasons to purchase monumental life insurance is to protect and provide for your children in the event that both parents pass away. When parents plan for their untimely death, they must provide enough life insurance for their children to assure that they will be taken care of.

When parents prepare a will, they choose who will take care of their children if they should both pass away. This is only the first step. This person (or couple) has to be provided with the financial resources necessary to provide for these children.

Parents need to purchase enough life insurance to provide for the day to day living needs of the children, provide funds for their activities (such as football and dance), allow their children to purchase items such as personal computers and cars and prepare for the future. It may be necessary for the godparents to move to a bigger house and good planning would allow enough funds for the children to be able to pay for a portion of this.

Life insurance should provide the children with the funds necessary to attend college. When choosing the amount of life insurance necessary parents should calculate the cost of items such as tuition, room and board, books and other living expenses. There should be enough remaining funds to help the children provide for their living expenses while they search for a job after they graduate from college.

The death of both parents provides unique challenges to their surviving children. In order to give them the best possible chance of leading a positive life, parents need to purchase enough life insurance to provide for their ongoing needs.