A new baby changes everything – including your financial responsibilities. You’re now responsible for someone who depends entirely on you for the next 18+ years. If something happened to you or your partner, life insurance makes sure your child is provided for no matter what.
The best time to get life insurance is before the baby arrives. The second best time is right now. TermHero helps new parents across Los Angeles get covered quickly and affordably.
Why New Parents Need Life Insurance Now
Your Financial Exposure Just Multiplied
Before kids, your spouse could recover financially from your loss. With a child, the math changes dramatically – childcare alone in Los Angeles averages $20,000-$25,000 per year. Add housing, food, healthcare, and eventually college, and you’re looking at $500,000+ in expenses before your child turns 18.
You’re Younger and Healthier Today
Life insurance rates are based on your age and health at the time you apply. Every year you wait, your premium goes up. Locking in a rate in your late 20s or 30s means decades of lower payments.
Sleep-Deprived Parents Don’t Plan Ahead
Let’s be honest – once the baby arrives, you’re not going to have time or energy to research insurance. Take 20 minutes now and it’s done for the next 20-30 years.
How Much Coverage Do New Parents Need?
A simple formula for new parents:
- Income replacement – Your annual salary x 20-25 years
- Mortgage balance – So your family keeps the home
- Childcare costs – $20,000-$25,000/year in LA if the surviving parent works
- Education fund – $100,000-$250,000 per child for college
- Existing debts – Car loans, student loans, credit cards
- Minus existing assets – Savings, investments, employer coverage
For most new parents in Los Angeles, this lands between $1,000,000 and $3,000,000 in coverage. A 20 or 30-year term is usually the right fit – it covers your child through college and into early adulthood.
Both Parents Need Coverage
Even if one parent earns significantly more, both need life insurance:
- If the higher earner dies – The surviving parent needs income replacement to maintain the family’s lifestyle
- If the lower earner or stay-at-home parent dies – The surviving parent faces childcare costs, household help, and may need to reduce work hours. Stay-at-home parents provide $180,000+ in annual economic value
Don’t make the mistake of only insuring one parent. The cost of a second policy is minimal compared to the financial risk.
More Affordable Than You Think
New parents are typically young and healthy – which means some of the lowest rates available:
$1,000,000 Coverage – 30-Year Term (healthy non-smoker):
- Age 28: $45-55/month
- Age 30: $48-60/month
- Age 32: $50-65/month
- Age 35: $55-70/month
That’s less than your daily coffee run for 30 years of protection.
Frequently Asked Questions
Should I get life insurance before the baby is born? Ideally, yes. You can name your spouse as beneficiary and update it to include your child after birth. Applying while pregnant is fine – pregnancy itself doesn’t affect rates.
How do I choose between a 20-year and 30-year term? A 30-year term covers your child through college with room to spare. A 20-year term is cheaper but may leave a gap if you have another child later. When in doubt, go longer.
Does my employer life insurance count? It helps, but employer coverage is usually only 1-2x your salary and disappears if you change jobs. It’s a supplement, not a replacement for your own policy.
Can we get a couples discount? Life insurance doesn’t offer traditional couples discounts, but TermHero can bundle your applications to streamline the process and find the best rate for each of you.
Protect Your Growing Family
You’d do anything for your child. This one takes 20 minutes and protects them for decades.
Call (818) 222-2300 or get your free quote