Today as America recognizes that September is Life Insurance Awareness month. I wanted to highlight an article I recently read about the cost of raising a child.
“New parents be warned: It could cost nearly a quarter of a million dollars to raise your child–and that’s not even including the cost of college. To raise a child born in 2013 to the age of 18, it will cost a middle-income couple just over $245,000, according to newly released estimates from the U.S Department of Agriculture. That’s up $4,260, or almost 2%, from the year before.
The figures are based on the cost of housing, food, transportation, clothing, health care, education, child care and miscellaneous expenses, like haircuts and cell phones. But the estimates don’t include the cost of college–a big-ticket expense that keeps rising. Child care, in particular, is a huge burden–often costing as much as the family home. In Seattle, Britta Gidican and her boyfriend spent $1,380 each month on daycare for their 17-month-old son, just $20 less than they spend on their mortgage each month.” (https://money.cnn.com/2014/08/18/pf/child-cost/index.html)
Here is how this study broke down the cost:
Housing and Transportation $107,970
Child Care & Education $44,400
Food $39,060
Clothing and Misc. $33,780
Health Care $20,130
THOUGHTS TO PONDER TODAY: This study was from 2014, do you think these numbers increased or decreased for year 2018? How many young families do you know that are paying two mortgages (one for their house, and one for their childcare)? Could your clients cover this cost PER CHILD, in the event the primary income earner is no longer here? Are you a parent yourself, and if so when was the last time you reviewed your own Life Insurance, wouldn’t Life Insurance Awareness be a good time? Who could you share this information with today? Do you believe this could be a conversation starter for a Life Insurance Discussion? I read this article and realized my three children will be over $1,000,000 to get them to 18 years (and a staggering statistic is that most children are not completely leaving home on average until age 26!)
John Lucero, is a successful business owner with over 20 years of experience in multi-line insurance agency operations for several major National Brands. With an expertise in Recruiting, Educating, Coaching, Developing and Product Knowledge, his passion and drive to ELEVATE Insurance Agencies to higher levels of success is what keeps him inspired about the future and motivated about making a difference.
