Family Life

Coverage for the whole family.

Family life insurance is a plan that makes sure the entire family is covered.

Family life is an important conversation topic that many families don’t get the chance to discuss.

Why is this an important topic?

Family life planning gives families peace of mind. It fully prepares the family in the event of a tragedy. Our planning process will touch on the following points:

  • How will the mortgage get paid?
  • How will the bills be paid?
  • How much income will we need to replace? And for how long?
  • Can a surviving spouse afford daycare expenses?
  • Will a surviving spouse have to quit working? Can they afford to?
  • Will college be affordable?
  • How much will a funeral cost?
  • What if there is a financial emergency?

What can life insurance provide for my family?

Each family will have different goals. In general, life insurance designed for families is used to cover some or all of the following:

  • Income replacement
  • Housing (rent or mortgage)
  • Debt & bill payments (auto loans, credit cards, utilities, property tax)
  • College for spouse and/or children
  • Daycare costs
  • Healthcare costs
  • Family vacation
  • Charitable gifts

It’s important to coplete a Family Goals Analysis to find out what you and your spouse want to provide if something were to happen. Twin Cities Mutual offers this service to your family for free at your convenience. If you decide life insurance is a viable option for your family, we will work within your budget and look for the best solution our carriers can provide!

What does life insurance provide for my child?

Many parents and grandparents ask why they would ever consider insuring a child with a life insurance policy. After all, it is very unlikely that a child would pass away in the near future. Parents and grandparents that purchase life insurance for a child tend to look at the bigger picture. Life insurance for a child is extremely invaluable. Here are some of the reasons why:

  • It can provide guaranteed future insurability for the child. This allows a child to purchase additional coverage later on in life without needing to prove insurability. This is very valuable, especially if there is a family history of developing a condition during adolescence or adulthood.
  • Permanent policies can provide cash value that can be withdrawn or borrowed against when a child reaches adulthood. This can be used for anything but is often used to pay for college costs. Some may even rely on this to make a down payment on a house or even use during a financial emergency.
  • Coverage is more affordable than it would be when purchasing in adulthood. Oftentimes the policy can be fully paid for by the time the child reaches adulthood.
  • The policy ownership can be transferred to the child during adulthood.

To learn more about your family life plan, please visit our Scheduling Page to make an appointment with a professional. We would be very happy to help!