As a new parent you have plenty on your mind: late-night feedings, new-found financial responsibilities, childcare, the list goes on…One of the most important things to consider during this exciting time is life insurance coverage. Even if you currently have life insurance, assessing your needs is a must.
How much life insurance coverage do you currently have?
Employer-Provided Life Insurance
Like many Americans, you probably depend on group life insurance through your employer to protect your family. Unfortunately employer-provided life insurance generally only covers a small fraction of the financial support your family would need if you were no longer able to provide. If you currently have life insurance coverage at work, your first step as a new parent is to find out just how much protection your group policy provides. Even if you’ve checked in the past, it’s a good idea to reevaluate. What may have seemed like a lot of coverage just a few years ago may no longer be enough.
Private Life Insurance Coverage
If you currently have a private life insurance policy, be sure to reevaluate that coverage as well. Will it adequately provide for your spouse and your child? Once you’ve assessed your current life insurance coverage it’s time to determine if you need an additional policy. Though it might seem like a task you simply don’t have time to complete, shopping for and even starting the purchasing process for life insurance coverage online can be fast and easy. At IntelliQuote we offer instant online quote comparisons, enabling you to shop and compare when time allows. No more excuses, next time the little one goes down for a nap, take the opportunity to request a quote.
Assessing Your Needs
Now that you know how much life insurance coverage you have, it’s time to determine how much you need. If you were to pass away what would your spouse and your new baby need to survive financially? Your life insurance coverage should compensate for: replacement of income, remaining mortgage debt, outstanding car loans, credit card balances, your child’s college tuition and your spouse’s retirement. If your life insurance coverage is coming up short, now’s the time to purchase additional coverage.
Update Your Will
Though there are many measures you can take as a new parent to protect your little one’s financial future, updating your will should be a top priority. Be sure your wishes are clearly defined and your child is protected. If something should ever happen to you, there is no recourse if your will is out-dated. So take the time, update your will and protect what matters most!
Interested in more tips and advice about protecting your family’s financial wellbeing? Follow the IntelliQuote Life Insurance Blog for news and information. While you’re here, check out these recent posts:
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