If you are expecting a child to come, your mind is already set to a lifetime responsibility for your family, especially on the thoughts of whatever happens to you.
Hence, it is considered the perfect time for you to go over your existing life insurance.
If unfortunately there is none, better purchase your life insurance needs.
The following are life insurance tips for parents.
1.
Assess Begin with the assessment of your present insurance policies.
As well as any coverage you acquire out of your job and some other individual policies you personally own.
Above all, check on whether you have sufficient coverage, if you have the best kind of plan, whether it has the best rate offered and is competitive, and verify if you have accurately designated your beneficiaries.
2.
Sufficient coverage Rearing a child since birth continuously increases in number.
In addition, burden of taking them to college usually bothers them.
With these reasons, you must oblige yourself to buy huge numbers of insurance that can save you in the future.
3.
Coverage for both parents You must discard the wrong notion that because your spouse is not working and is just staying home attending to family's daily care and needs, she does not need the insurance.
What if something happens to her? You will surely find difficulty raising your child alone, because you will be forced to pay for, say a nanny, for you to pursue your job.
So be sure both of you get a life insurance.
4.
Specific coverage Choose the kind of plan which you think will help you the most depending on the needs of your growing family.
Select from the two main types of life insurance.
The term insurance, which sustains a death benefit only for a particular period of time, and permanent life insurance with a death benefit and at the same time, a savings option/cash value.
The former plan is cheaper since it only provides the death benefit, while the latter, aside from the same benefit as the former offers, it allows you to accumulate 5.
Competitive Rates If possible request for a premium quotation from prospective companies before you close a deal, so as to come up to getting the best competitive rates.
If possible, convince your employer to maximize your coverage in order to avail a higher value.
6.
Designate Accurate Beneficiaries Designation of beneficiaries in a plan should be accurate.
Your partner automatically becomes your immediate beneficiary.
But in the instance, the two of you dies; your child becomes your contingent beneficiary who will receive the proceeds of the policy.
The proceeds is then placed in a trust for the benefit of the child and the policy should state a trustee and specify the use of its proceeds.