Best Life Insurance for New Parents

Becoming a parent changes everything—including your life insurance needs. That tiny person depending on you for everything transforms life insurance from "something I should probably get" to "something I need right now."

If you're expecting, recently welcomed a baby, or are in the early years of parenting, this guide will help you understand why life insurance matters and how to choose the right coverage for your family.

Why Parenthood Makes Life Insurance Essential

Before children, you might have been able to argue that life insurance was optional. After children, that argument disappears.

Children depend on you financially for 18+ years: Food, clothing, housing, education, healthcare—children need financial support for nearly two decades. Life insurance ensures that support continues even if you're not there to provide it.

The surviving parent needs support: If your partner had to raise your children alone, they'd face increased expenses (childcare, household help) while potentially needing to reduce work hours. Life insurance bridges that gap.

Your dreams for your children shouldn't die with you: The education you wanted to provide, the opportunities you hoped to give them—life insurance can fund those dreams even in your absence.

For a deeper exploration, see our guide on life insurance for new parents.

How Much Coverage Do New Parents Need?

New parents typically need substantial coverage because they're protecting children through nearly two decades of dependency.

Income replacement: Multiply your income by 10-15x to provide enough that, invested conservatively, can replace your contribution to the family.

Debt payoff: Mortgage, car loans, student loans, credit card balances—all should be covered so the surviving parent isn't burdened with payments on reduced income.

Childcare costs: Even if one parent currently stays home, death could force the surviving parent to need full-time childcare. Factor in $15,000-$30,000 per year per child for care.

Education funding: College costs continue rising. Plan $50,000-$150,000+ per child depending on your goals.

Final expenses: Funerals and related costs typically run $15,000-$20,000.

Example calculation:

Sarah and James have a 1-year-old daughter. Sarah earns $95,000 and James earns $75,000. They have a $380,000 mortgage and want to fund their daughter's college education.

Sarah's coverage calculation:

• Income replacement (12x): $1,140,000
• Mortgage: $380,000
• Childcare fund: $150,000
• College fund: $100,000
• Final expenses: $20,000
• Total: $1,790,000 (round to $2 million)

James's coverage calculation:

• Income replacement (12x): $900,000
• Childcare fund (additional): $100,000
• College contribution: $100,000
• Final expenses: $20,000
• Total: $1,120,000 (round to $1.25 million)

Both policies combined might cost $100-150 per month—less than many families spend on streaming services, takeout, or baby gear. Our detailed income replacement guide walks through the calculation step by step.

Both Parents Need Coverage

A critical mistake many families make is only insuring the higher-earning parent. But both parents need coverage, including stay-at-home parents.

Stay-at-home parents provide enormous economic value: Childcare, cooking, cleaning, household management, scheduling—replacing these services costs tens of thousands of dollars annually.

Working parents may need to reduce hours: If the stay-at-home parent dies, the working parent might need to cut back work hours to handle childcare logistics, reducing income while expenses increase.

Both contributions matter: Every family relies on both parents' contributions, whether that's income, childcare, or some combination.

Stay-at-home parents should typically have $300,000-$500,000 or more in coverage depending on the ages and number of children.

When to Buy Life Insurance as New Parents

The best time is before the baby arrives. Here's why:

Pregnancy can complicate applications: Some insurers are cautious about underwriting pregnant women, and pregnancy-related health complications could affect your insurability or rates.

You'll be busy after birth: Between feedings, diaper changes, and sleep deprivation, applying for life insurance will feel overwhelming.

Every day without coverage is a day of risk: From the moment your child is conceived, you have someone who could need financial support for 18+ years if something happens.

If the baby is already here and you don't have coverage, don't wait another day. Apply now—imperfect coverage today beats perfect coverage you never get around to applying for.

What to Look for as New Parents

When choosing life insurance, new parents should prioritize:

Adequate coverage limits: You may need more than $2 million combined coverage. Make sure your provider can accommodate that. Evoro offers up to $5 million per policy.

Financial stability: Your children might need this coverage for 20-30 years. Choose an insurer with demonstrated long-term stability. Evoro partners with Symetra, an A-rated carrier with 65+ years of history.

Efficient process: New parents don't have time for lengthy applications and multiple appointments. Evoro's SwiftTerm technology gets most healthy applicants approved in 16-18 minutes.

Responsive support: When you have questions about beneficiaries, coverage changes, or anything else, you want real help. Evoro offers 24/7 human support.

Term Length: How Long Should Your Policy Be?

For new parents, longer terms usually make sense:

20-year term: Covers until your child is an adult but may leave a gap if you're also planning to support their education or your spouse's retirement.

30-year term: Covers through college years and into early adulthood, providing more comprehensive protection.

Factor in your age: A 30-year-old might choose a 30-year term. A 40-year-old new parent might only be able to get a 20-year term (coverage typically isn't offered past age 65-70).

The modest additional cost of a longer term often provides significantly more peace of mind. Learn more in our guide on how long your term should be.

Naming Beneficiaries with Minor Children

You can't name a minor child directly as a life insurance beneficiary—they can't legally manage the funds. Options include:

Name your spouse as primary beneficiary: The simplest approach. Your spouse receives the funds and uses them to support your children.

Establish a trust: Creates a legal structure for managing funds on your children's behalf with specific instructions for distribution.

Name a custodian under UTMA: An adult manages the funds for the child's benefit until they reach adulthood (typically 18-21 depending on state).

Most new parents name their spouse as primary beneficiary with a contingent beneficiary or trust in case both parents die. Work with an estate attorney to create a will and guardian designation alongside your life insurance.

Learn more about how beneficiaries work.

Why Evoro Works for New Parents

Evoro is designed for young professionals and growing families:

Up to $5 million coverage: Accommodates substantial protection needs for families with higher incomes or multiple children.

Fast process: Most healthy applicants approved in 16-18 minutes. Complete the application during naptime.

A-rated backing: Symetra's 65+ years of stability means the coverage you buy today will be there when your family needs it.

24/7 support: Parenting doesn't follow business hours, and neither do we. Real humans available anytime.

47 state coverage: Available in most states (not yet New York or South Carolina).

Don't Wait—Your Family Is Counting on You

Here's the truth that every new parent needs to hear: you've just taken on the most important responsibility of your life. Your child is counting on you—not just for love and guidance, but for the financial security that makes everything else possible.

Life insurance ensures that even if something happens to you, your child will still have housing, food, education, opportunities, and a surviving parent who isn't financially devastated.

The cost is modest. The application is quick. The protection is profound.

Don't let another day pass with your family unprotected.

Frequently Asked Questions

When should I get life insurance—before or after the baby?

Before, if possible. But if the baby is already here, apply immediately. Don't wait for the "right time."

How do I insure a stay-at-home parent?

Stay-at-home parents are insurable based on the economic value they provide. Coverage of $300,000-$500,000+ is typical for parents caring for young children.

What if we're planning more children?

Factor additional children into your coverage now, or plan to increase coverage when they arrive. Getting coverage while young and healthy locks in favorable rates.

Should I get coverage through my employer or on my own?

Both, ideally. Employer coverage is convenient but usually limited (1-2x salary) and tied to your job. Personal coverage provides a foundation you control.

What if I already have some coverage but it's not enough?

You can purchase additional coverage. It's common to have multiple policies from different sources. The new coverage will be priced based on your current age and health.

How do I update my beneficiaries?

Contact your insurance company to request a beneficiary change form. Update beneficiaries after any major life change—marriage, divorce, new children, or death of a beneficiary.

Get your Evoro quote and protect your growing family today.