My name is Drew Gurley and I’m a life insurance agent and dad, and I like things simple. I promise I’ll keep this simple for you dads considering getting life insurance. If at any point you would rather chat, my contact information is listed at the end of this article and you can call or text me directly any time.
Becoming a dad shifts your priorities overnight. Suddenly, your mind shifts from just protecting your partner to protecting not only your kids, but everything that comes with being a dad. That’s why life insurance for dads is one of the smartest financial moves you can make.
Whether you’re a new dad navigating child care costs for the first time, or an experienced breadwinner making sure your teens are on track for college tuition, the right life insurance policy gives your family the peace of mind they deserve. And, it doesn’t have to break the bank or have some complex strategy attached to it.
Like I said, lets keep it simple.
The Importance of Life Insurance for Dads
The bottom line is that your loved ones depend on you.
Beyond the day-to-day, you carry financial responsibilities that don’t disappear if something happens to you. That is where a life insurance plan comes into play.
- Financial protection to cover the mortgage, car loans, and outstanding debts.
- Help with education costs like college or private school. This is especially true for younger dads who haven’t had the time to build a savings nest egg.
- A way to manage everyday bills and childcare expenses.
- Funds for funeral expenses so your family isn’t left with a sudden burden.
In short, life insurance is a safety net to provide financial stability to those you leave behind.
Calculating a Life Insurance Policy
The big question most dads ask me is, “How much life insurance do I need?” The answer depends on your family, but here are some simple rules:
- Multiply your annual salary by 20 for a quick estimate of the total amount of coverage you are likely to qualify for.
- Add up big future costs like mortgage balances, child-care-cost, and college tuition. The key here is knowing how much income you want to replace to sustain the life style your family is accustomed too, or, to match what you’re working towards.
- Consider your family’s lifestyle and whether your surviving spouse or stay-at-home parents would need additional support such as a full time nanny.
A life insurance calculator can help you see the numbers clearly, but working with a licensed agent like myself will probably make it easier. This is especially important if you want to work with someone who isn’t going to feed you a line of non-sense, and instead give you straight, simple to understand answers with zero pressure.
You either need the insurance or you don’t, my job is to help you understand how it works and what the best solution is for you and your family.
Types of Life Insurance for Dads
Not every type of policy is a good fit. That’s why knowing the main types of life insurance is so important:
- Term life insurance: Affordable, simple and perfect for dads who need coverage during the years their kids rely on them most. Many dads choose level term life insurance for predictable costs.
- Whole life insurance: Lasts your entire life, builds cash value, and guarantees a death benefit. Useful if you want coverage plus a long-term savings component, but in my opinion, there is a time and place for this type of coverage which takes more coordination.
- Indexed or joint life insurance: Can provide flexible coverage for couples or stay-at-home dads who need to protect their families just as much as the breadwinner.
- Employer life insurance coverage: While helpful, most life insurance company policies at work don’t offer enough coverage. When life insurance work benefits end, so does your protection. However, some employers will offer you a base level of life insurance at no cost to you while you’re employed.
Each option has pros and cons, and the best fit depends on your eligibility, budget, and goals. I can walk you through these options very easily.
How Does Life Insurance Work?
At it’s core, life insurance is simple. The policyholder (that’s you dad) pays premiums, and if you pass away while the policy is active, the life insurance company provides a pay out (called the death benefit) to your family (beneficiaries).
The money they receive can be used for anything from childcare, housing, funeral expenses, or simply giving your family the breathing room to adjust. The right amount ensures your loved ones aren’t forced into tough financial decisions when they should be focused on healing.
Special Considerations for Dads
Here are some things for you to think about.
- Single dads: If you’re a single parent, life insurance is often the only thing standing between your children and major financial hardship. Term life insurance is the cheapest way to solve for that financial risk.
- Stay-at-home dads: Even if you’re not earning a paycheck, your contribution is invaluable, just like a stay-at-home mom would be. The cost of replacing your childcare and household work is significant, and coverage makes sure your family can continue afford it.
- Older dads: Many men are starting families later in life. While premiums are higher, policies like whole life insurance or indexed products can provide lifetime protection and build cash value for legacy planning. However, you can still leverage term insurance if you are looking for the lowest price option.
Why You Shouldn’t Wait
The real reason you shouldn’t wait is because tomorrow is never guaranteed, however, there are other measurable reasons to consider getting coverage now vs. waiting.
- Life insurance only gets more expensive as you age.
- Your health might change which can result in becoming uninsurable.
Locking in your life insurance coverage now means lower premiums and guaranteed protection. Beyond the numbers, it’s about giving your family peace of mind and knowing that no matter what, their future is financially secure.
The importance of life insurance comes down to one simple truth: your family depends on you, and protecting them is non-negotiable. Nobody ever said you need to over buy and make them wealthy, but you should consider leaving enough behind to sustain a strong quality of life in your absense.
Take the Next Step and Get A Quote
If you’re a dad like me, you already know what’s at stake.
Let me help you find the right life insurance company, the right type of policy, and the right plan for your family without making you feel like you’re being sold.
My name is Drew Gurley and you can call or text me directly at 314-795-5366 any time and I’m happy to chat with you about your options.