Raising a child is one of the most rewarding things an individual can do in life, however, it is also one of the most expensive. If you died tomorrow, would your spouse have the means to provide for your family's long-term financial future?
All parents need life insurance regardless of whether you are your family's breadwinner. Stay-at-home parents perform valuable services and it would be extremely costly to hire outside help for childcare, cooking, cleaning and other household services. What about single parents? Single parents especially need life insurance because their children count on them for all their needs.
The fact that parents needs life insurance is a given, however, there are three basic questions everyone needs to ask themselves in order to find the policy that best fits their needs.

1. How much life insurance do you need?

To evaluate your family's needs you should gather all your personal financial information and estimate what your family would need in order to meet current and future financial obligations, while maintaining their quality of life, if you were gone.
Since the amount you need depends on your specific circumstances, there is no simple formula to determine the exact amount that is right for you. However, a general rule of thumb is to purchase a policy that covers at least 10 times your gross annual income.

2. How long do you need to have life insurance?

There are a few factors one should consider when deciding the right term length of their policy. How many remaining years do you have to pay off your mortgage? How many years do you predict your children will be financially dependent? How much longer are you currently planning to work before a comfortable retirement?

3. What type of life insurance should you buy?

There are two basic forms of life insurance - term and permanent. In general, term insurance offers the greatest coverage for the lowest initial premium and is a great choice for people with temporary needs or a limited budget. Permanent insurance may benefit those who anticipate a need for lifelong protection and prefer the option of accumulating tax-deferred cash values.
When you buy life insurance it is essential to find a professional that you trust and can objectively explain each policy option to you in detail. At Sproutt we aim to provide our customers with the quickest, simplest and friendliest experience possible. We are also not affiliated with any insurance carrier so you can be confident our advice is unbiased.
Sproutt insurance advisors are available to help you determine what kind of life insurance is best for you. Simply answer a few questions and we will find the best-value plan for your lifestyle, needs and budget.