Pregnant moms and expectant parents have a lot to think about. Life insurance, as a result, may fall by the wayside. However, it’s important that you carve out some time to think about your life coverage before the bundle of joy arrives. Life insurance works seamlessly in the background, protecting your family’s finances should anything happen to you. Before the baby arrives, take a look at these common questions about life insurance.
Do I need permanent or term life insurance?
Term insurance covers you for a set period of time, such as 10 or 20 years, whereas permanent coverage covers you for your whole life. Before deciding on which one is right for you, you should work out how much death benefit your family would need. While term insurance is cheaper, it doesn’t last as long as whole life coverage. If you want to build up a cash value that you can then borrow against, then a whole life insurance policy is the way to go.
I get life insurance through work so I don’t need more.
Group life insurance is a great benefit to have, but it’s limited in many ways. It often only covers one or two times your salary, when your family may need four or five times your income. Secondly, when you leave that job, you lose that coverage. It’s worth taking out your own insurance policy to keep a policy in place.
Are there any restrictions now I’m pregnant?
If it’s early in your pregnancy and there are no medical complications, you should be able to pick up life insurance easily. If you are further along or have some medical issues, you may struggle to secure coverage. If this is the case, the life insurance company may want to wait until after your child is born.
Have more questions about life insurance? Contact Gee-Schussler Insurance Agency who can help you find the right policy for your needs and wants.
