Having a child changes everything — including your financial priorities. If something happened to you tomorrow, would your family be taken care of? Life insurance is how you make sure the answer is yes.
Why new parents need life insurance
When you become a parent, someone depends on your income. Life insurance replaces that income if you're no longer around to provide it. It can cover your mortgage payments, childcare costs, education savings, and everyday living expenses for years.
The younger you are, the cheaper it is
Life insurance premiums are based largely on your age and health at the time of application. The younger and healthier you are when you apply, the lower your premiums will be — for the entire life of the policy. Waiting even a few years can meaningfully increase your cost.
How much do you need?
A simple starting point: multiply your annual income by 10–15. Then add your mortgage balance and estimated childcare costs. Covaria's coverage estimator on the home page can help you calculate a more personalized number in under a minute.