Having a child will increase your need for life insurance coverage. If one partner dies, the other may be left with many unresolved financial issues, including funeral expenses, an unpaid mortgage, outstanding loans, financial support of the children, and college education funding. If you're a single parent, you'll most certainly want to leave some financial support for your child.
Whether you're adopting or expecting, life insurance is important, and you need to know how much coverage you will need now that you have additional family to support. Why is life insurance important when a child is born or adopted? When a child enters your life, the purpose of life insurance becomes clear. You now have someone else who is dependent on you financially. If you were to die prematurely, your child's future could be significantly hampered by your loss.
Generally, the goal is to provide a safe and secure future for the ones who are left behind. Whether you're adopting or expecting, an addition to your family will definitely increase your need for life insurance coverage because of the increased expenses and the potential changes in your financial goals and priorities.
Life Stages
single | married | new baby | family | retirement