Life Insurance: Insuring the Future of the Ones You Love

Parents should do everything they can to provide stability, love, and guidance to their children. Parents in Texas and beyond work hard, make sacrifices, and plan for tomorrow because your children depend on you, not just today, but for the years ahead.

But what happens if life takes an unexpected turn? Life insurance is a way to ensure that your children are protected financially and given every opportunity to thrive, even if the unthinkable happens.

At Rollo Insurance, we understand the weight of that responsibility. We’re parents too, and we believe that preparing for the unexpected is one of the most caring and selfless things you can do. Life insurance is more than a financial tool. It’s a reflection of your love, your foresight, and your commitment to your family’s future.

Let us help you build a legacy that lasts.

Why Do Parents Need Life Insurance?

Life insurance for parents provides a safety net for children when they need it most. Consider these reasons for why it is important:

• Replacing Lost Income: Your income is essential for providing your children with food, shelter, clothing, education, and all the opportunities they need. Life insurance can replace a significant portion of that income, ensuring their financial needs are met even if you’re no longer there.
• Covering Future Expenses: The costs of raising children are substantial and long-term. Life insurance can help cover future expenses like college tuition, extracurricular activities, and other significant milestones.
• Paying Off Debts: You likely have financial obligations like a mortgage, car loans, or other debts. Life insurance proceeds can help your family pay these off, preventing them from facing additional financial burdens during an already difficult time.
• Providing for Childcare: If you are a primary caregiver, life insurance can provide funds to cover the costs of childcare or other support your children may need.
• Creating a Financial Cushion: Life insurance can provide a financial cushion that allows your family time to adjust without immediate financial stress.
• Leaving a Legacy: Beyond immediate needs, life insurance can also provide a financial legacy for your children’s future.

How Much Life Insurance Do Texas Parents Need?

Determining the right amount of life insurance depends on your individual circumstances, including:

• Your Income: A general rule of thumb is to have coverage that’s 5 to 10 times your annual income.
• Number and Ages of Your Children: Younger children will typically require a longer benefit period.
• Your Spouse’s Income (if applicable): Consider how your spouse would manage financially without your income.
• Outstanding Debts: Factor in your mortgage, loans, and other significant debts.
• Future Education Costs: Project the potential cost of college or other post-secondary education.
• Other Financial Resources: Consider any savings or other assets your family could access.

Working with a Rollo Insurance agent can help you assess your specific needs and determine the appropriate coverage amount.

What Are Different Types of Life Insurance to Consider as a Parent?

There are two main types of life insurance to consider:

• Term Life Insurance: This provides coverage for a specific period (the “term”), such as 10, 20, or 30 years. It’s often more affordable than permanent life insurance, making it a popular choice for parents who need coverage during their children’s dependent years. Once the term ends, coverage ceases unless you renew the policy.
• Permanent Life Insurance: This includes policies like whole life and universal life insurance. These policies provide a guaranteed death benefit to your beneficiaries. Over time, they also build a cash value component, which the policyholder can access during their lifetime through loans or withdrawals (loans or withdrawals would impact the premium on the policy). However, unless otherwise specified by the policy, the cash value is not added to the death benefit and is not paid out to beneficiaries.

The best type of life insurance for you will depend on your budget, financial goals, and the duration of coverage you need. Be sure to work with a Rollo Insurance agent that can assess your needs and offer an educational approach to life insurance. 

Securing Your Children’s Future with Rollo Insurance

As a parent in Texas, your love and dedication to your children are immeasurable. Life insurance is a tangible way to extend that love and commitment into the future, providing a financial safety net that can help them navigate life’s challenges even if you’re not there. At Rollo Insurance, we’re here to help you understand your options and find the life insurance policy that best protects your family’s future. Contact us today for a consultation and take this important step in securing your children’s tomorrow.