When you announced that you were having a baby, you probably expected advertisements for baby strollers and cribs to pop up on your social media feed. But seeing ads for life insurance may have thrown you for a loop. While it may not be found on any baby registries, life insurance may be the one thing your family truly needs before baby. If you don’t have life insurance yet, buying life insurance now can be one major step in getting ready for your new role as a parent.

Here, what life insurance is, how much it costs (hint: less than that fancy stroller you’ve been eyeing) and why buying it now can give you peace of mind for decades to come. Here, the big questions (beyond the best baby bassinet) that may be circling in your mind now that you’re expecting.

What is life insurance?

Broadly speaking, life insurance provides financial security to your loved ones if you were to unexpectedly die. As a parent, a life insurance benefit can allow your surviving spouse or partner to continue to pay the mortgage, cover childcare, and maintain your family’s standard of living. Of course, it would be devastating for your family if you were to die, but a financial cushion means your family wouldn’t also need to deal with financial insecurity or an unexpected move.

I want to buy life insurance to protect my kids. Shouldn’t I wait until they’re born?

Nope. You can buy life insurance at any time, and life insurance tends to be least expensive when you’re young and healthy. You can change the name of the beneficiary (the individual(s) who would receive the life insurance payout) at any point. That means that even if you don’t have kids yet, you can still buy a policy and lock in rates when you’re young and healthy. If, for example, you were to buy a 30-year term policy at age 30 and have kids at 35, you would still have 25 more years of protection in place at the same locked in rate.

Can I get covered for life insurance while I’m pregnant?

Yes. While you should disclose your pregnancy on your medical forms, a normal pregnancy isn’t something that precludes you from getting a life insurance policy. And since you’ll be a little busy once baby is born, it may be a good idea to get the application done now. Some insurance providers, like Mosaic Life, have applications entirely online. While Mosaic Life requires applicants to complete a medical questionnaire, applicants are not required to take a medical exam.

I’m planning to stay at home with my child. Why do I need life insurance?

Life insurance doesn’t only protect against the loss of income if a parent were to die. If a stay at home parent died, who would take on childcare so the other parent could continue to work? For stay at home parents, life insurance can help ensure that the family needs can still be financially taken care of in the case of devastating loss. Obtaining life insurance is independent of whether or not you’re employed, so even if you are planning on staying at home, it may be a good idea for you and your spouse to consider purchasing individual policies.

Isn’t life insurance just one more expense?

While most infant expenses are astronomical — do you know a year’s supply of diapers can cost over $500 — life insurance is one cost that’s surprisingly affordable. In fact, it’s possible to get a $1 million policy for as little as $1 a day. For less than the price of diapers, you’re buying peace of mind for your family. A robust life insurance policy can fit in your budget, even when you’re budgeting for three (…or four…or five).  And remember, life insurance isn’t an all-or-nothing thing. Even if you can’t afford to buy the amount of coverage you ideally want, getting a modest coverage amount will be meaningfully more helpful to your family than skipping insurance altogether.

Bottom line: Life insurance lasts for the time you need it

As you consider policies, you may have noticed different term lengths. What makes someone decide on a ten, twenty, or thirty year term? That depends on what expenses you anticipate in that time period. For example, if you have a twenty-year mortgage and just had a baby, a twenty-year term may make sense. By the time the term expires, your house will hopefully be paid off and your child may be on their own and independent from your income. However, every family is different. Considering your needs and considering the needs you may have down the line can help you figure out the policy that works for you now — and for when you potentially become a grandparent thirty years down the line.

Click here to get a quote for a term life insurance policy from Mosaic Life.