Do you know how much it takes to raise a child these days? Are you sitting down? It would be nearly a quarter of a million dollars.
It costs $ 245,000 to raise a child born in 2013 until they reach 18 years, according to the Department of Agriculture of the United States.
There is no mention of a luxury education. It's no baby Kardashian-esque fitted cashmere onesies. We are not talking of a privileged college education, because these figures do not understand the cost of college. That's extra. Add approximately $ 18,000 per year for the public and $ 41,000 per year for the private college.
This Number- $ 245,000-is a place to live, food, clothing, health care ... the basics.
You are here to take care of these expenses now. But what happens if something were to happen to you? If a family medium average income spends about $ 13,000 per year on their child, the money should come from somewhere.
This is where life insurance comes in. If you take between one and two percent of what you spend on your child already each year, or about $ 0, it could pay the annual premium for $ 250,000 in coverage for term life insurance. If something happens to you, your child would be fine financially.
We currently used (March 2016) Rate Erie Family Life for a 30-year-old dad or mom healthy (who does not smoke!) And gets a long term policy in 20 years for the example above. Age and health vary the amount of your premium as your age increases or decreases health, the price goes up.
But the truth is, set aside one to two percent of what you spend on your child already is a small price to pay to protect them. There is no reason to wait. To help you determine how much life insurance you may need, contact your local ERIE agent. He or she can help you decide on the amount and type of coverage is right for you, and how affordable life insurance can protect those you love the most.
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