Attingo | Starting a Family... Is It Worth Getting Life Insurance?

Starting a Family... Is It Worth Getting Life Insurance?

For sure, starting a family is a new adventure that brings happiness, joy, satisfaction… as well as responsibilities, financial obligations, and time investment.

So, is it convenient to get life insurance at this stage? Absolutely.

Your partner depends on you. And soon your newborn will too, financially, physically, and emotionally. For that, you’ll need to spend more time and money to provide for them. Should you get life insurance at this point or not is answered in 8 easy words...

If someone depends on you, get life insurance.

It isn’t too soon to get life insurance. Actually, at this moment you might be losing the opportunity to get it for a very LOW price, because the younger you are, the less you’ll pay for your premiums as you represent a lower risk for insurers.

In fact, getting life insurance when you’re about to start a family is one of the best decisions you can make if you currently don’t have any financial back-up (and even if you do).

As a parent, knowing your family is protected in case you’re missing brings great satisfaction and peace.

Imagine your family struggling financially without you – at the very peak of expenses when your child needs education, healthcare, clothing, and toys. Would your savings be enough to take care of them at least while they adapt to a new lifestyle? Read on...

Starting A Family… Which Type of Policy Should You Get?

It depends.

If you’re seeking the simplest policy with the most affordable coverage, then go for term life insurance. Small families are okay with it as they aren’t looking for big coverage.

Usually, families with short-to-medium range concerns go for term insurance thinking their child would be independent by the time their contract expires. Now, as this is term insurance, you might need to renew it in 5, 10, 20, or even 30-years and would have to comply with higher premiums.

Perhaps at this point in life, you have a long-term financial burden with mortgage debt. One of term life insurance’s greatest benefits is its mortgage life insurance feature that secures your family against any mortgage debt.


  • Low cost

  • Coverage for financial obligations, including mortgage debt


  • No lifelong coverage

  • Expensive to renew or expand your contract

  • No cash value (more on that below)

The other popular option is whole (permanent) life insurance, where premiums stay the same for your entire life, but policies are more expensive than term life.

So for young couples starting a family, watch out. You might get a lifelong bargain if you apply for permanent life insurance now.

This policy offers the cash value feature, which helps you accumulate part of your payments as savings you can withdraw in the future (tax-deferred) for any financial need, including paying for your policy’s premiums, ironically.

In fact, your child could withdraw this money to make a down payment for their first home or to boost their professional careers.

This is the main reason why whole insurance is highly looked after by young parents.


  • Permanent coverage

  • Payments don’t rise

  • Cash value - savings on premiums


  • More expensive than term

Here’s a small comparison for both types of life insurance:

Whether you go for term or whole life insurance, take note that stay-at-home parents need life insurance too – not just the breadwinners. Child care is an expensive service, and while having the opportunity to raise your kids is amazing, at some point in your life you might need such services.

With life insurance, your family won’t have any problems repaying debts and obligations in case you or your partner are missing, protecting your son/daughter with a financial cushion to leap forward.

Sad but true, healthcare absorbs money, and deciding not to afford life insurance can turn out to be a major regret, not just for you, but for your child when he grows up. Would you want him to struggle taking care of his parents?

For a few bucks per month, you can permanently protect your family and yourself against any financial issue.

Is it too soon for life insurance, then? Absolutely not… it’s never too soon to protect your loved ones.

For more information on life insurance, here are some tools we’ve gladly made for you…

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