I found this to be an interesting CNBC article by Kelli B. Grant regarding why so many parents lack life insurance and wills.
The articles mentions that more than a third of parents with kids younger than 18 years old don't have life insurance. Of those who are insured, half have less than $100,000 in coverage, which isn't enough for common life insurance aims of replacing the deceased parent's income, paying off the mortgage or funding the kids' college education, said Doug Whiteman, an insurance analyst at Bankrate. "We found it rather unsettling," he said. "This should be a wake up," said Whiteman. "You really do need to sit down and think, what if something were to happen to me?"
The article goes on that many times young parents are transitioning into this role of greater responsibility which is a shift from previously worrying about just their own financial future, to now planning financially for dependents,
Life insurance is one of the first things parents should put in place as a priority. The rule of thumb is to have an amount equivalent to 7 to 10 times your income, said Whiteman, but the details of how much and what kind of insurance will depend on your family's needs and future goals.
To read the full article, click on the web link below:
http://www.cnbc.com/2015/07/07/why-do-so-many-parents-lack-life-insurance-and-wills.html
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