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Young
Families & Life Insurance
Young families have specific and usually significant
needs for life insurance. Typically the first need for
insurance would be to cover the mortgage on your first
home. In this case a term policy can usually be used –
both partners would be insured for the value of the
mortgage, with each other as the beneficiary. As the
family grows and children enter the picture, coverage
would be required to provide income, in the event of the
death of one of the parents. Again, term insurance is
usually a good solution in providing a high level of
coverage at a reasonable price. A disadvantage to term
insurance is that it increases in cost as you get older, so at
Utter Morris we recommend that families carry at least a
minimum amount of permanent coverage to provide some
“fixed price” coverage for life.
Please consult the “life Insurance” section for a more
detailed discussion of the different types of life
insurance.
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