Bosworth & Associates 1818 W SW Loop 323 Tyler, TX 75701

Insurance Needs for Young Families

January 12, 2024

Insurance needs are different for every family. Insurance needs are also different depending on what stage of life your family is in.

As a long-time, trusted, experienced local insurance company in Tyler, Texas, Bosworth & Associates understands that families need different financial coverage at different times.

Young families with small children will have different needs than parents with teenagers or kids leaving home and going to college.

But what insurance is best? A homeowner’s policy? Rental insurance? Medical Insurance? Car insurance? Life insurance? All of the above, or a combination?

To help make things simpler, here’s a brief list of insurance needs for young families. It’s also a good idea to talk to your local insurance company about your specific situation and what rates, insurance premiums, and deductibles are best for you and your family.

If you’re hoping for low-cost insurance, taking out an insurance policy at a young age generally means you’ll pay less than down the road.

Life Insurance

Becoming a parent changes how you look at the world. You’re suddenly consumed by the safety and security of this new little person in your life. And not just in the present moment but also in how you’ll help them in the future. Even when they’re babies, we discuss and research future schools, savings accounts, etc.

But what about the unexpected? No one likes to think about something unexpected happening that leads to your death or the death of your partner. This is especially true if you’re a young parent. But the reality is many things are out of our control. And it’s much better to be sure and have the peace of mind that your loved ones will be taken care of if anything should happen to you or your partner.

This is especially true if there are income dependency considerations. What financial cushion will your family have if the primary breadwinner passes away unexpectedly? Funerals can be expensive, but what about the day-to-day finances of life afterward? Do you know what your family would have to financially sustain them in this case?

Talk to your insurance representative about whether you should have term or permanent life insurance. Your financial needs and what you can afford at this moment should be taken into consideration. Term life insurance is more affordable and might be good for new parents with a limited income; it could always be upgraded down the line.

Health Insurance

When you’re young, it’s possible, although not advisable, to get away with having no medical insurance. However, when you start a family, health insurance is necessary to ensure your family’s medical needs are being taken care of.

Before your child comes along, fully research and decide upon a plan that will be best for the needs of you and your growing family.

Disability Insurance

You’ve probably heard of disability insurance, but what is it exactly? Especially if you’re the breadwinner, disability insurance is something you’ll want to look into.

If something should happen to you at work, how would your family survive financially? What if you are unable to work for a prolonged period of time? Disability insurance will cover a significant portion of your income in the event you’re unable to work. Policies will be different depending on a lot of factors, so talk to your insurance provider about what options are available to you.

If you work for a company that provides disability insurance, it’s necessary to know exactly what they provide and if you need to purchase a supplemental policy. If you’re self-employed, you’ll want to speak with your insurance provider about the best policy for you.

Updating Your Auto Insurance Policy

While you’re required to have the minimum auto insurance policy, when you’re a young family, it’s a good idea to re-evaluate and investigate whether you should update your policy to something more comprehensive should you or your partner have an accident.

It’s one thing to pay a monthly policy amount, but what happens if there’s an accident and you suddenly need to pay out of pocket? Such a financial hit could be really hard on a young family. Being proactive and having a policy to cover such an unexpected occurrence could save your family a lot of money. This is especially important if you or your partner commutes to work.

Renter’s or Homeowners Insurance

No one likes to think of losing their home to something like flood, fire, or another natural disaster, but such an event is, unfortunately, all too possible in today’s world. What would happen to your family at that point?

Homeowner’s or renter’s insurance helps ensure your personal property (only personal property, and not the property itself in the case of renter’s insurance) and house are covered if something unexpected happens to your home.


Many people assume that if they’re young, then they don’t need insurance. The unexpected can happen at any time, and especially if you’re a young family, you want to make sure your loved ones are covered. Call your local insurance agency today and find out what policies are best for you.

Bosworth & Associates has been selected for the 19th year as a Best Practices agency.