Back to School, Back to Financial Basics: Why Now is the Time to Consider Term Life Insurance

Article Written By: Lauren Hoeffel

As the scent of freshly sharpened pencils and new notebooks fills the air, many families are laser-focused on one significant seasonal milestone: the start of the school year. Between shopping for supplies, adjusting to new routines, and navigating busy mornings, it’s easy to overlook another kind of preparation – one that’s just as important as making sure your kids are ready for class.

This back-to-school season, we’re inviting you to think beyond the classroom. It’s the perfect time to revisit your family’s financial safety plan, and at the heart of that plan is a tool many parents overlook: term life insurance.

What Is Term Life Insurance, and Why Should You Care?

Let’s start with the basics. Term life insurance is a type of life insurance that provides coverage for a specific period, typically 10, 20, or 30 years. If the insured person passes away during that term, the insurance pays out a death benefit to their beneficiaries.

It’s affordable, flexible, and designed to cover your family during their most financially vulnerable years – like when your kids are still in school, college is on the horizon, or you’re still paying off your home.

Think of it as a safety net: If the unthinkable happens, your family can stay in their home, maintain their lifestyle, and continue to pursue their dreams – even in your absence.

Why Back-to-School Is the Perfect Time to Reassess Financial Protection

Every year, American families spend nearly $900 per child on back-to-school supplies. And while we’re budgeting for calculators and backpacks, it’s also a great time to think about long-term protection.

Here’s why:

• Changing routines sparks new reflection: The shift from summer to school is a natural reset. You’re already reviewing health forms, emergency contacts, and household budgets. Why not review your financial protection plan as well?

• Your kids depend on you and your income. If you’re the primary earner or caregiver, life insurance can provide essential support in the event of an unexpected loss.

• You’re making education a priority: Protect that investment by ensuring your children can continue their education, no matter what happens.

Real Talk: What Happens If You Don’t Have Life Insurance?

Without life insurance, your family could face significant financial challenges. From mortgage payments and daily living expenses to childcare and tuition, the costs don’t go away if you do.

A recent study showed that 40% of U.S. households with children would experience financial hardship within six months of losing a primary wage earner. That’s a risk no parent wants to take.

The Good News: Term Life Insurance Is More Affordable Than You Think

Many parents are surprised to learn how budget-friendly term life insurance can be. For example:

• A healthy 35-year-old parent can obtain $500,000 of coverage for as little as $20 per month.

• You can choose the term that fits your life stage – for instance, a 20-year term if your kids are toddlers now.

• It’s simple: no cash value, no investment components – just protection.

That means you can budget for both school supplies and your family’s financial future at the same time.

Your Back-to-School Financial Checklist

Ready to go beyond notebooks and glue sticks? Here’s your grown-up checklist:

• Create or update your household budget

• Build or replenish your emergency fund

• Review your will and beneficiary designations

• Evaluate your existing life insurance coverage

• Consider adding a term life policy that covers your children through their school years

Start Now, Stress Less Later

Term life insurance isn’t just about preparing for the worst – it’s about giving your family the freedom to focus on the future, no matter what life brings.

This school year, make one more investment in your children’s success, not just in their classrooms, but in their continued safety and stability.

Ready to learn more? Explore our Term Life Insurance options here.