Why All Dads Need Life Insurance
Hardworking dads know how much their financial investments mean for their children’s future. While no Dad wants to think about what would happen if he was not there to support his family, the truth is many children rely on their fathers for financial stability. While the majority of U.S. families rely on two incomes, most of these households require contributions from both parents’ incomes to take care of the children. The peace of mind that comes from ensuring children’s needs will be taken care of in the event of a crisis is worthwhile, and that’s why life insurance is worthwhile for all Dads.
Choosing a Life Insurance Plan as a Dad
There are different kinds of life insurance plans but the two most common types are term and permanent. Term life insurance is set for a certain amount of time—usually until children are a few years into adulthood—and then canceled. This means that if a father passes away before his children reach adulthood, his children will be taken care of, but there is no way to borrow against or use this money as cash.
Permanent life insurance means monthly premiums are continuously paid for as many years as the buyer wants, and there is a cash value. This is a more expensive plan but has the benefit of being a cash value that can be borrowed against during one’s lifetime, even growing in value over time. If cash from life insurance is borrowed against to pay for a large purchase like a house, the money shows up in one’s bank account tax-free.
For a Dad looking to ensure his children are provided for for an indefinite number of years into adulthood, permanent life insurance might be a good option. In fact, a Dad who is also a grandfather might be interested in permanent life insurance. According to the U.S. Census Bureau, the number of American grandparents providing for grandchildren has more than doubled since the 1970s. Since in today’s world, grandparents often find themselves raising and providing financially for their grandchildren, a Dad who is also a grandfather might find permanent life insurance to be ideal.
Both term and permanent insurance plans are rated based on the health of the father purchasing the policy so cheaper rates go to those who are younger and healthier when purchasing. At Health IQ, we believe lifestyle is a critical component of health and a father who chooses a healthy lifestyle should be rewarded with cheaper rates for either kind of plan that works for him.
Life Insurance Through Health IQ
Fathers in today’s world provide much more than just financial support to their children. Their emotional support is crucial to child development and many fathers aim to be a resource for their children’s well-being even as the children grow into adulthood.
Dads help their children grow into healthy adults by setting a good example of self-care. Eating right, exercising regularly, and showing children how to plan for the future is a critical role for fathers, and at Health IQ we want healthy fathers to be recognized for the amazing role models they are.
A father who invests in his future by working to maintain health into old age is someone preparing to be there for his kids throughout life. At Health IQ, we believe that a father who takes care of himself so he can take care of his children for longer deserves a life insurance rate that reflects his positive choices for his family. If you’re interested in learning more about how Health IQ can save you money, click on Get Special Rates on Life Insurance to speak our team of insurance specialists.