This post is brought to you by Fabric by Gerber Life, but all opinions are my own.
Do you still need term life insurance once your kids are teens? For most families, yes! Your kids may not need you to tie their shoes anymore, but they still depend on you financially, often for years. Coverage that lasts until they’re truly on their own can help pay for college, the mortgage and everyday bills if something happens to you.
When our kids were little, it seemed obvious why we needed life insurance. Babies and toddlers need {literally} everything! But once your kids are taller than you and eating everything in the pantry, it’s easy to assume that the “protect the family” years are behind you. In a lot of ways, the teen years are when the big expenses are just getting started.
Why Does Life Insurance Still Matter When Your Kids Are Older?
Think about what’s coming up in the next few years. College or trade school. Car insurance for a new driver {gulp}. Sports, band trips, prom, graduation and, eventually, helping them get set up in their first apartment. If your income or the work you do at home disappeared, your family would still have all of those costs, plus the mortgage and the grocery bill.
That’s what term coverage is for. You pick how long it lasts (the term) and how much it pays out (the coverage amount). If you pass away during the term, your family gets that amount as a lump sum. If you outlive the term, the coverage simply ends. It’s a straightforward way to protect your family through the years they need it most.
How Long Should a Term Policy Last If My Kids Are Already Teens?
This is where having older kids can work in your favor. You don’t necessarily need coverage that lasts decades. A lot of parents choose a term that runs until their youngest finishes college or until the mortgage is paid off, whichever is later.
For example, Fabric by Gerber Life offers terms of 10, 15, 20, 25 or 30 years, with coverage from $100,000 up to $5,000,000. It’s available for adults ages 21 through 70, so it’s not just for new parents. Your price is set when you buy, and it doesn’t go up for the life of the policy as long as you keep paying your premiums.
Pricing depends on things like your age, your health, the coverage amount and the length of the term, so the best way to know what it would cost your family is to get a quote.
How Much Coverage Do Parents of Teens Need?
There’s no one-size-fits-all answer, but here’s what I’d add up:
- The mortgage or rent: How much would your family need to stay in their home?
- Everyday bills: Groceries {so many groceries}, utilities, car payments and insurance.
- College and beyond: Tuition, books, housing and that first-apartment fund.
- Your income or your work at home: If you’re the one handling the driving, the scheduling and the “Mom, where’s my…?” questions, your family would need to pay for a lot of that help.
If you want a starting point, the nonprofit Life Happens has a free Human Life Value Calculator that estimates the financial loss your family would face. It’s a rough estimate, but it’s a really helpful way to start the conversation.
What Should I Check Before I Apply?
Before you click “apply,” here’s my quick checklist:
- Who issues the policy: Look up the insurer’s financial strength rating. Fabric’s term policies are issued by Western-Southern Life Assurance Company, which A.M. Best rates “A+” (Superior). Ratings can change, so check the current one.
- A locked-in price: Make sure your premium won’t go up during the term as long as you pay on time.
- A money-back window: Fabric’s term coverage comes with a 30-day money-back guarantee, so you have time to read everything over.
- Your existing coverage: If you have life insurance through work, find out how much it pays and what happens to it if you change jobs.
If you’d like to brush up on the basics first, the NAIC, the organization of state insurance regulators, has a helpful consumer guide to life insurance and annuities. They’re not selling anything, which I love.
FAQS:
Q: Is term life insurance worth it for parents of teens?
For most families, yes. Teens still depend on their parents financially, and the next few years often bring some of the biggest expenses, like college and cars.
Q: Is it too late to get life insurance if my kids are already in high school?
Not at all! Fabric by Gerber Life offers term coverage for adults ages 21 through 70, and you can choose a shorter term, like 10 or 15 years, to match the years your kids still need support.
Q: What’s the difference between term and whole life insurance?
Term coverage lasts for a set number of years. Whole life insurance lasts your entire life and builds cash value over time. Term is the more straightforward option if you want protection for a specific stretch of years.
Q: Does my price go up as I get older?
With Fabric’s term coverage, your price is locked in when you buy and doesn’t go up for the life of the policy as long as you pay your premiums.
Life with teens is busy, loud and {honestly} a lot of fun. Taking care of this one grown-up to-do means you can get back to the fun part, knowing your family is covered no matter what. Do you have life insurance, or is it still on your someday list? Let me know in the comments!
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