SoFi Blog

By Alison Norris, CFP, SoFi

Starting today, SoFi has teamed up with Ladder to bring you simple and affordable term life insurance. Within five minutes, you can receive an online quote for coverage ranging from $100,000 to $8 million and ensure your family’s security instantly.

It’s that time of the season when we start to set the list of New Year’s resolutions for ourselves: eating better, exercising more often, and saving some extra money. But what about those selfless resolutions that impact those around us and who we care about most? Being more kind is a start, and so is minding your “P’s” and “Q’s”; however, these types of actions often fall flat as the year rolls along.

It might be time to consider some steps you can take that protect those you love. As troublesome as it sounds, buying life insurance is one of the most selfless decisions you can make for protecting your family. Unlike other resolutions, purchasing life insurance isn’t about you; it’s about the ones you love. And there are a few important tips and tricks that can help in the search for the right kind of coverage.

So what is life insurance anyway?

From the sleep deprivation to the midnight feedings, your first child will represent a major—albeit wonderful—shift in the way you live. What’s more, your beautiful addition will also represent a shift in the ways you spend and save.
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Raising a child is expensive—the USDA’s most recent report (2013) estimates the total cost from birth to age 18 at $245,340. So planning for your first child means also examining your finances and your future financial goals.

Here are nine ways to prepare financially for baby in just nine months.

When you start a new job or need to select company insurance benefits during open enrollment, you’re given a menu of options, such as dental, vision, disability, and life insurance. While opting for life insurance is pretty much a no-brainer, assessing your needs and reading the fine print can be flat-out daunting.

It’s tough to focus on future needs when current bills and student loan payments loom. We get it. And it’s even tougher to think about the end of your life when you’re so focused on living it to the max. But making sure you not only have life insurance, but also have the right amount is part of adulting—a very important part, especially if you have or are considering a family.

Life insurance: as you yawn, roll your eyes and think to yourself that there couldn't possibly be anything less interesting to read— we acknowledge your lack of enthusiasm.

After all, life insurance is something that many people, especially healthy and young professionals, put off or don't consider at all. Perhaps it's due to a sense of invincibility, or maybe a notion that life insurance is for our parents.