PLANNING FOR THE FUTURE: GETTING LIFE INSURANCE WHEN YOU’RE EXPECTING

There are few things more exciting than the anticipation of having a baby or adopting a child into your family. As any expecting parents will attest, it can also be a stressful time, trying to take care of everything you need to get done. In addition to getting your home ready, you need to think about things like arranging for child care and adjusting health insurance benefits, so your entire family is covered.

DON’T FORGET ABOUT YOUR LIFE INSURANCE

When your family grows, it’s also important to take a look at your existing life insurance coverage. When you bought life insurance initially, it was likely based on your family status at that point in time. You probably (with some help from your insurance professional) calculated how much insurance your loved ones would need if you were to die prematurely. Adding a new child to your family means those original calculations may no longer be enough to protect your family if the worst was to happen.

In addition to looking at the amount of life insurance protection you have, it’s also a good idea to revisit the types of policies you have. You may want to consider whether flexibility and/or cash value growth is important for your needs.

PROTECT YOUR CHILD’S FUTURE INSURABILITY THROUGH LIFE INSURANCE

After your baby arrives you may want to think about the value a children’s life insurance plan can provide for your child. There are several distinct advantages.

Buying coverage is more than paying for final expenses; buying life insurance on a baby or a young child is smart because it allows you to provide coverage now – while your child is healthy. If the policy is kept in force, no matter what happens to your child’s health later in life, his or her insurance policy will be there as protection. In most cases they can even purchase more coverage without proving insurability.

And, because life insurance is based on the covered person’s age at the time of issue, buying life insurance for your child is inexpensive – many times it can be completely paid for by the time your child reaches adulthood!

Finally, purchasing cash value life insurance for an infant or child allows you to fund the policy’s cash value. Those funds can be helpful to your child later in his or her life – even during your child’s retirement years.

How can Twin Cities Mutual help?

Schedule a time to talk with us about your options. We’ll make sure we stay within budget. You can visit our scheduling page for more information!

612.400.9335

Article provided by Symmetry Financial Group, a Twin Cities Mutual IMO.