Life Insurance by Situation
What is the best life insurance for new parents?
New parents have a critical need for life insurance — a child depends on your income. Term life insurance is the most affordable option. Coverage should be enough to replace income until the child is financially independent. The best time to buy is now — premiums increase with age.
Key Points
- New parents: critical need for life insurance
- Coverage should replace income until child is financially independent
- Term life insurance: most affordable option
- Coverage amount: typically 10-12x annual income
- An independent agent can help you find the best life insurance for new parents