As you bring your newborn home, read up on your new parent’s guide to life insurance.
As a new parent, it’s easy to get caught up in bottle feeding, sleeping, and keeping your baby happy and healthy. Even with a lot on your plate, it’s important to make time to consider your life insurance needs. As soon as your family starts to grow, you’ll need to protect it, even if the morbid thought of your death is the furthest things from your mind. Fortunately, we’ve compiled a new parent’s guide to life insurance as a means to help you determine your needs.
Life insurance is designed to help your family when you are no longer around to do so. In the event of your death, this coverage helps your family to financially recover so that they can grieve, maintain goals as planned, and pay off your remaining debts.
When looking to buy or update your insurance policy, here’s what to consider:
Consider Your Options
Life insurance terms vary depending on your need and budget, but typically there will be term insurance and permanent insurance to choose from. Term life insurance is set for a period of time, while whole life insurance covers insured individuals as long as they live. If you’re not sure which to choose, your life insurance agent can help.
Take into consideration the effects of you or your spouse dying, however morbid that may be. Will there be a significant loss of income? If one is a stay at home parent, childcare and housekeeping expenses will incur when he or she is gone. What about the mortgage, remaining debt, and funeral expenses? Calculating your costs will help you to determine how much coverage you’ll need to buy.
Life insurance rates are generally tied up with your health and age details. In essence, the healthier and younger you are, the less in premiums you’ll need to pay. It’s best to lock in low rates while you’re young than risking it when you’re older and will likely pay a higher premium.
When adults become parents, their priorities and lifestyle changes. Because of this, it’s worth reviewing your life insurance. Contact your reliable insurer at Nahai Insurance Services to get started on your policy today.