Life Insurance for New Parents

We'll help you find the best life insurance options
for you and your family.

Frequently Asked Life Insurance Questions for New Parents


When Do New Parents Need Life Insurance?

Both of you need a policy now. Even if there's a stay-at-home parent, the family budget would be rocked if one of you were to pass away. Your spouse would have to balance the pain and grief of losing you while trying to manage childcare, college savings and paying off any debt. Life insurance makes sure your family is taken care of.

What Type Of Life Insurance Should We Get?

Not sure what type of life insurance is right for you? You should get term life, which covers you for a fixed term, until you're self-insured. Avoid whole life, cash value or permanent life insurance, which can be  5–10 times more expensive. These policies have an investment account associated with them, but the rate of return is terrible! 

How Much Life Insurance Do Parents Need?

We suggest getting 10–12 times your annual salary. Your spouse can take that money and invest it into mutual funds with at least 10% growth. Your salary would then be covered by the interest your family takes out each year, and the original amount could stay there forever. 

Does My Child Need Life Insurance Too?

This is every parent's worst nightmare, but the reality is, if you lose a child, you don't want to stress about the financial impact while grieving. The average funeral cost is around $10,000. A good rule of thumb is if you don't have that money in an emergency fund, then you can add child riders to your existing life insurance policy. This would simply pay for funeral costs in the event that your child dies. Once you have that money saved, then you can drop the rider(s). 

Examples of Term Life Insurance Cost 

Zander Term Life Insurance

Determine Your Health Level

Using the “Health Factors” and “Height and Weight” charts below, choose one of the four health classes. Each company has different criteria, so these guidelines have been combined and simplified to give you the best chance of choosing your actual health class. Don’t worry, Zander will make sure your health class is accurate.

Here’s How it Works:

Introducing RamseyTrusted Work With a Company You Can Actually Trust Zander Insurance is RamseyTrusted for term life insurance.

Only providers who do whatever it takes to help you win earn the RamseyTrusted shield. And when it comes to life insurance, this is a company that’s been serving our fans faithfully for over two decades. Seriously—we’d send our moms to them (and most of us have).

Build Your Quote

We need just a few details about you to give you accurate quotes.


How much coverage do you want?

Dave recommends 10–12 times your yearly income.

How many years of coverage do you want?
Dave recommends 15- or 20-year plans. If you’re younger, consider a longer term because it’s still very affordable.

Your Health

What's your health class? See the guidelines

How tall are you?



How much do you weigh?

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Have you used any tobacco products in the last 12 months?

Personal Information


What's your gender?

Best number to reach you regarding your custom quote.