What is the best way to financially protect my children if I die prematurely?
A: The average mother only has $9,500 in her savings account—yikes! So, what to do if you die prematurely (e.g. during birth via preeclampsia or before kids turn 18)? Don’t cry. There is a simple way to protect your unborn and young children—life insurance.
Our parents protected us by having life insurance, and now we should do so for our kids’ sake. Life insurance (particularly Term Life Insurance) is the cheapest way to absolutely make sure your little ones are left with tax-free money. Basically, if you pass within the period you are covered (10, 20, 30 years), your beneficiaries (kids, spouse, guardian) get the tax-free money.
You may want to check out JennyLife.com for a policy quote and coverage that takes less than three minutes on your smartphone.
—Chirag Pancholi, Licensed Insurance Agent, parent and Founder of Jennylife.com (an insurance brand for moms)