Why Young Families Need Life Insurance
If you're in your 20s or 30s with a young family, life insurance might not be top of mind. But it's actually the best time to get coverage.
The Math Is Simple
- A healthy 30-year-old can get $500,000 of term life coverage for about $25-30/month
- Wait until 40, and that same coverage costs $40-50/month
- Wait until 50? You're looking at $80-120/month or more
When You Need Life Insurance
You should consider life insurance if you:
- Have a mortgage
- Have children or dependents
- Have a spouse who depends on your income
- Have student loans with a co-signer
- Want to leave something for your family
Term vs. Whole Life: What Minnesota Families Should Know
Term Life Insurance- Coverage for 10, 20, or 30 years
- Most affordable option
- Best for mortgage protection and income replacement
- Permanent coverage
- Builds cash value over time
- Higher premiums but more features
How Much Coverage Do You Need?
A common rule: 10-12x your annual income. For a family earning $75,000/year, that's $750,000-$900,000.
Consider:
- Outstanding mortgage balance
- Future college costs for kids
- Years until retirement
- Spouse's earning potential
Get Started Today
The best day to get life insurance was yesterday. The second best day is today.
Calculate your coverage needs or get a free quote.