Mom Financial Literacy Tip:
In its mission to help prenatal and postnatal mothers and their babies The Preggo Organization for Women (POW) recognizes the need for young families to carefully consider their changing financial circumstances. So, here’s an important financial tip for new moms and dads…
Many young couples do not think about life insurance. After all, they’re young, healthy, and not worried about end of life issues as they start their families. But, for many reasons, this may actually be the best time to purchase life insurance.
First, for less than the cost of going out for a pizza dinner, a healthy 25-year-old can obtain $500,000 in life insurance to protect his or her family. Â In fact, a typical 20 year life policy with a half-million dollars in coverage may only cost a new mom or dad about $20 per month! Â
Second, life insurance benefits may be used to replace income, pay for childcare and education, or even to pay one’s rent or mortgage.Â
Having a new baby is one of life‘s most exciting experiences. But it’s also a good time to be smart and to carefully consider one’s changing financial responsibilities in light of a growing family.
