Should I get a life insurance policy now that my wife is pregnant?
UPDATED: Jan 2, 2014
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Asked January 2, 2014
Life insurance is primarily intended to help your family avoid financial hardships if you pass away. This could include the loss of income, loss of someone who performs essential duties in the home, or making certain that future life goals can be met, such as tuition for your kids to go to college. Financial advisors will tell you that every life event, from graduation to retirement, is a cause to review your life insurance policies and needs.
Pregnancy is a major life event, and a new member of the family will always increase the responsibilities of both the husband and the wife. Buying life insurance policies for both will make certain that even if the unthinkable happens, your family is protected financially.
Life events include anything which could have a financial impact on your family or its future. Common life events that warrant a life insurance policy or review include marriage, childbirth, changing occupations, changing residence, and retirement. Buying home is a good reason to add a term life policy, for example, and another term policy for the college tuition of each child as they are born.
Not only should you get life insurance for your wife and yourself, it makes good financial sense to purchase a policy for your child as soon as he or she is born. Purchasing a permanent life insurance policy for a small child will get the lowest rates possible, and if the child develops a medical condition later that could prevent her from getting life insurance, she cannot be canceled from an existing policy. Besides, starting a permanent life insurance policy for a small child will create a cash value in the policy that can be very useful when she grows up and gets ready to move out on her own.
Answered January 2, 2014 by Anonymous