Life Insurance Needs For Established Families

Families come in all shapes and sizes, but we define an established family as someone who has some experience as a parent, and whose children are school aged (whether that’s kindergarten or college!). You’ve probably established a career and have assets and financial responsibilities to take care of, such as a house or car. You might be married, divorced, a single parent or any other combination, but, if you have kids, this section is for you. Read on to learn more about life insurance for established families.

life insurance for families

What Insurance You Need:

  • You probably have multiple people relying on your income at this point, including a spouse and children. Life insurance is important so your family has the financial support they need if you pass away. You’ll want them to continue to enjoy the lifestyle you and your co-parent have built. At this point, you may also have aging parents that you’re providing support for, and life insurance will make sure your parents are still cared for if something were to happen to you.
  • Disability insurance is also important. Think about how long you and your parenting-partner could continue your lifestyle if one of you no longer had income due to an injury or serious illness.
  • Long-Term Care insurance is also something to start considering. Nursing homes and home care are both expensive. If either you or your spouse require it, those costs can quickly eat up your retirement savings.
  • You might also want to look into Critical Illness insurance. Many people start to experience health problems during this life stage, such as heart issues or cancer. This insurance will provide you with a lump sum payment to help you recover from your illness.
  • With a big family comes big health and dental expenses. As a parent, you never want to see your child sick, and if they are you want to do anything to help them get better. Make sure you can afford the drugs and treatment they might need in the event of an illness by having Health and Dental coverage. If your workplace doesn’t offer it, you can get a private plan through AMA.

IN REVIEW, consider:

  • Having enough Life insurance to take care of debts and replace your income for your partnering partner. Also, consider having enough to pay off your home or at least aid in mortgage payments.
  • Getting Disability Insurance
  • Getting Critical illness insurance
  • Having a Family Health & Dental insurance plan

Contact a Life Advisor

Other things to consider as an Established Family:

  • If you haven’t already started, you should begin saving for retirement. Make sure your retirement investments are well diversified. Many workers unwittingly allow their own company’s stock to take up a dangerously large portion of their retirement accounts.
  • If your kids are headed to post secondary education in a few years, make sure you have a saving plan in place. The early you can start, the better.
  • You might also want to consider pet insurance! Pets become part of the family, and vet bills can be shockingly high. AMA does not offer this product, but the CAA does.
  • Make sure your living wills and testaments are taken care of. Dealing with legal matters is the last thing a family in grief needs. AMA does not provide these services, however, AMA offers do-it-yourself will kits at our registries. We also suggest you talk to your lawyer.

Other Life Stages
See Young Families >>
See Seniors/Retirees >>