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Considering Insurance For Your Family? The Sooner the Cheaper

Author Colin Thacker
Submitted 21-04-2009

family insuranceWhile establishing the need for insurance is an obligation for any young family, many are not familiar with the options available. Young parents can cut insurance costs significantly by considering these needs at an early stage. Many may not realize that affordable health coverage is available in various forms outside of the conventional methods. While considering insurance needs and coverage may not be priority #1 for younger parents,  it comes with benefits. 

Health Insurance

In our roles as fathers we ensure our family’s well being as well as making sure our children grow up healthy. There will, however, come a time when our kids will get sick, when that time comes we do everything in our power to make sure they get better.A small injury such as a broken arm can end up costing thousands of dollars with various doctor visits and x-rays. If uninsured when the accident occurs, parents will have to pay the bill from their own pockets compared to a copay if insured. Rising costs of premiums and reduction in company insurance policies have left many American families lacking in coverage.

If uncovered by a group health plan, obtaining an individual health plan can be an affordable alternative. Another option is CHIP (Children’s Health Insurance Plan) which is an option offered through the government.

Life Insurance

Many young parents take on term life insurance, meaning for a period rather than an entire life. Rates for term life are affordable and provide substantial coverage. While these policies are bought with hopes of going unused, one must ask themself ”if the worst happens, would my family be alright financially?” As young families often rely on dual incomes in their budget this coverage choice is  popular.

While term life is the cheapest option, it is designed for a set length of time not an entire life. Policies intended for this coverage are whole and universal life insurance.  Obtaining these policies can still be affordable and getting one at a younger age is cheaper than getting one when older. With these policies, younger families will maintain coverage as seniors as well.

Due to the very low cost for a whole or universal policy when younger, many parents will purchase them for children to allow them for affordable premiums when they are older. Life insurance coverage  can be converted into an individual policy once the child is older, not requiring any evidence of insurability. If the child decides they do not need life insurance, the policy can also be cashed out.

This article was written by Colin Thacker a writer at  247QuoteUs.com , an insurance resource blog and quote comparison guide.