Reviewing your existing life insurance policy
Reviewing your existing life insurance policy
Life insurance policies need to be reviewed. There's no better time to review a policy than before having a baby.
By the YeahBaby.com editorial staff
Though your life insurance policy does not change, your life certainly does! Life insurance policies should be reviewed to make sure financial obligations can be met. Adding a baby to your family is reason to blow the dust off your policy and assess if your new obligations can be met.
When reviewing a policy, you basically want to answer the question "Will your existing policy be enough to provide for your loved ones?" As a rule of thumb, you'll want to make sure each spouse would have adequate funds to raise each child to age 21. Since having a baby adds to one's financial obligations, having a baby commonly causes one to increase level of a policy's payout. Take time to review your existing policy.
Take this time to review other aspects of your policy. Can you obtain a similar policy for a lower cost? Is there a better return on your existing policy investment? Speak with your life insurance representative to assess your options.
Many life insurance policies live a forgotten life in a drawer or within a safety deposit box. Get peace of mind by knowing your policy covers all your obligations.
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