Sep
17
2009
Nobody ever said that raising a child was cheap, but a new government study reveals that the average cost to raise a child totals an average of $221,000! Think about that for a minute…If you died today would your spouse be able to afford the high cost to raise your child without your financial support? If you’re the primary breadwinner or even a stay-at-home parent who provides services at home, your spouse would probably struggle financially if you died prematurely unless you have a sufficient term life insurance policy to cover hefty financial expenses.
According to the USDA, the following expenses total $221,000 when raising a child:
- Housing (mortgage, utilities, furniture)
- Food (Dining in and out)
- Transportation (Personal and public transportation, maintenance and repairs)
- Clothing (Apparel, footwear and clothing services)
- Health care (Medical, dental, vision and prescription drugs)
- Child care (Tuition, fees and babysitting)
- Education (Tuition and fees, not including college expenses)
- Miscellaneous (Haircuts, electronics, sports, etc.)
Term life insurance is one of the most affordable purchases you can make to protect your family’s future and ensure their financial security when you’re no longer around. For example, a healthy 40-year-old male can expect to pay just $30 a month for a $500,000 policy. Rates are even more affordable for young parents and women. With term life rates near record lows, there’s no excuse when it comes to protecting your most important assets.
So if you’re a parent consider your financial value to your family. It could save your loved ones from financial burden when you’re no longer around.
In order to make sure you get the best term life insurance go online to get free term life insurance quotes and compare policies in a matter of minutes.
September 18th, 2009 at 2:29 pm
Over 200k per child–that’s quite a chunk of change. That’s a great reason to have life insurance, especially if you have two, three or four children. Get life insurance to protect your children’s financial futures.
September 25th, 2009 at 10:45 am
Today, the average household has 2-3 children – that’s over half a million dollars in expenses! A term life insurance policy for the right amount and right length of time will keep your children protected up to and after college – when they need your financial support the most.
October 4th, 2009 at 2:48 pm
Thanks for posting this term insurance related article. I agree with Christin that if you have a couple of kids it gets very expensive. I have added you to my Google reader and look forward to reading your other posts.