Here’s the six-figure mistake millennial parents are making

“The most common mistake I see is when people assume that the policy at work is sufficient,” said Matt Cosgriff, a certified financial planner at BerganKDV in Minneapolis. “They’re often two times your income.”

That’s far less than what’s needed: Generally it should be an amount that’s equal to 10 times your income, he said.

source: CNBC

Most people don’t consider life insurance. If you have kids and you want them to¬†enjoy the same comforts that you afford them now, you might want to consider life insurance. Here’s what most insurers believe to be adequate:

  • Seven out of 10 millennial parents have less than $250,000 in life insurance.
  • Child care costs can run upward of $10,000 a year.
  • One rule of thumb: Your coverage should be 10 times your salary.

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