Life Insurance Tips if You Just Had a Baby or Adopted a Child
So you just recently had a baby or adopted a child and are reassessing your family needs. You want to make sure they are properly met. You want to protect your entire household from any contingencies that may affect everyone including the newest member of your family. This is a great time to get life insurance or change your existing plan to make sure that happens.
Here are some important things to consider if you just had a baby or adopted a child:
- How will your child's financial needs be taken care of in your absence?
- If your will not be able to make decisions to take care of themselves, who would be the ideal beneficiary to take on this responsibility?
Let us help you find a life insurance plan or change your existing one so that it will benefit you and your family the most. Setting up beneficiaries can be a tricky when your child is still considered a minor. You want to ensure that your child/children can access the insurance funds when they need financial assistance immediately. Neglecting minor details may cause them to wait for long periods or worse, keep them from seeing the funds at all.
Having a baby or adopting one is a life event that qualifies those who already have life insurance to make changes in benefits immediately that are otherwise are not possible until the annual Open Enrollment period. You may elect to change your optional or dependent coverage(s) or consider adding or changing your life insurance beneficiary(ies) to optimize your plan. An Evidence of Insurability form may be required to make the necessary changes. You only have 31 days from the date of the qualifying event to take advantage of this opportunity. Don't miss out on this time frame or you will have to wait until the next annual Open Enrollment period.