Becoming a Parent

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Becoming a Parent

Bringing a child into life carries many responsibilities, from taking care of the mother and child for nine months to fulfilling all the child's needs until he is an adult and starts earning himself. As a parent, your responsibility starts when the child is conceived in the mother's womb, and from then, it keeps on growing. Once the child is a grown-up teen, your responsibility keeps growing, from giving better education to guiding him to follow the correct path. And, sometimes life becomes so unpredictable that it doesn't give you the chance to fulfill your responsibility as you think, especially in this time of covid. So while planning to become a new parent, it's your foremost thing to think of the child's future in your absence. Does everyone want to give their child a better life than they have lived, then why not start from the day you think of having a baby?

Insurance becomes the life jacket for your child

The graph of the growth of the child's expenses is always exponential. The graph is assumed to be moving much faster than in the last five years with the increasing inflation. And with the unpredictable nature of life, no one can guarantee how life might turn soon. Insurance proves to be a blessing for you and your child in these situations. Insurance covers all the expenses of your child's demand. There was a time when the assets were properties, but now it's the money on time that helps. And insurance is the safest way to help you get so. 

Many types of insurance are available in the market from the day a child is conceived in their mother's womb. Some are there for the child and mother's safety and hospital expenses, and others are for the child's future plans. So we have a market flooded with schemes and policies for a child's better future.

How does the Royal West Agency Insurance Advisor come into the role?

We have seen that the market is full of policies and schemes guaranteeing your child's promising future, but not all policies are meant for every person. Since we know that everything comes with a cost, as is insurance, i.e., every insurance has its rate and policies. Our agency, Royal West Agency, advises you on the best insurance plans according to your budget and requirements. Our experts help you understand every insurance plan's clauses and help you make the best decision for your child's future. Our experts are great listeners and focus on your concerns more than our plans and thus help you find the best one per your demand.

 

Frequently Asked Questions

  • Investing in a child's college fund is a good idea or not?

    When planning any investment, you should always choose those that will provide you with a good return and meet your level of risk tolerance. The ones you choose should mostly depend on when you start your savings plan-the mix of investments. If you start when your child is a toddler it should be different from those you start when your child is age 12.

     

  • What will be the total cost of raising a child?

    Giving an exact number on a child's rising cost is impossible, but according to Government estimates, raising the first child to the age of 17 for a middle-class family in 2015 can be around $233,610. 30% of the estimated amount is the household expenses. 

    It is seen that married-couple families in the urban Northeast had the highest child-rearing expenses, followed by similar families in the urban West and urban South. On the other hand, married-couple families in the urban Midwest and rural areas had the lowest child-rearing expenses.  

     

  • How much does a college education cost?

    The answer to this question totally depends on the type of organization they attend, government or private. According to the College Board, for the 2020-21 year, the average four-year Private College expense is about $54,880 per year, while that of a Government College costs $26,820 per year. 

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Information presented on this website is not intended as tax or legal advice. You are encouraged to seek tax or legal advice from a qualified professional.