Life Insurance is more more important than ever, the day a child is born. According to the U.S. Department of Agriculture, the cost to raise a child is now approximately $245,340 / $304,480 (adjusted for Inflation) according to the "Cost of Raising A Child" report.
This is approximately $12,800 - $14,970 per child, per year in a two parent household with an income between $61,530 and $106,540. This can vary depending on location of the family and other factors. This number has grown significantly since the original report that was conducted in 1960 by the USDA's first "Cost Of Raising A Child" report.
“In today’s economy, it’s important to be prepared with as much information as possible when planning for the future,” said USDA Food, Nutrition and Consumer Services Under Secretary Kevin Concannon, per a written statement issued alongside the report. “In addition to giving families with children an indication of expenses they might want to be prepared for, the report is a critical resource for state governments in determining child support guidelines and foster care payments.”
With so many other factors to consider when determining the amount of Life Insurance that is needed, the number of children and their ages must also be factored in. In addition to the number of children, the mortgage, daycare costs, private school costs, college tuition and other debts the surviving spouse will have to endure, should a premature death occur, must be considered as well. It's important to contact a professional in the business to understand all of your options and have a plan in place, should the unexpected happen. Your family is too important to not take the time to make sure they are protected.
Most people don't plan to fail, they simply fail to plan.
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