Starting a Family… Is It Worth Getting Life Insurance? – Attingo Blog
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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 the lowest premium, because generally, the younger you are, the lower 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 become disabled or die is one of the cornerstones of good financial planning.

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 term life insurance may be the best value. Young families tend to choose term insurance as they are often looking for a policy with lower premiums to cover a risk over a limited time period.

Usually, families with short-to-medium range concerns go for term insurance thinking their child would be independent by the time their policy 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 pay higher premiums at that time.

Perhaps at this point in life, you have a long-term financial burden with mortgage debt. One of the term life insurance’s greatest benefits is that it can be used as mortgage life insurance to help protect your family against any mortgage debt.


  • Comparatively lower cost
  • Coverage for financial obligations, including mortgage debt


  • No lifelong coverage
  • It may be expensive to renew or to increase your coverage
  • No cash value (more on that below)

Another popular type of insurance is whole (permanent) life insurance, where premiums can stay the same for the life of the policy, but generally, the premiums are higher than term life policies but are only paid for a limited time.

So for young families, if you can afford the extra premium cost of these policies now it can be beneficial to purchase permanent life insurance when you’re young and the premium is generally lower.

Whole life policies usually offer a cash value accumulation feature, which uses part of your premiums to pay to accumulate as a cash value you can access in the future (tax-deferred) for any financial need, including paying for your policy’s premiums, ironically.

In fact, if your child had a whole life policy, they could withdraw some of this cash value to make a down payment for their first home, pay for their education or to boost their professional careers. Or you as a parent could use the cash value from your policy to help them.

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


  • Permanent coverage
  • Payments generally don’t rise
  • Cash value accumulation– savings on premiums


  • Initially 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. Childcare 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.

Life insurance can help your family repay debts and obligations in case you or your partner are deceased. This can provide your son/daughter with a financial cushion to leap forward.

Sad but true, healthcare absorbs money, and deciding not to purchase life insurance can turn out to be a major regret, not just for you, but for your child when he grows up.

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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