Welcoming a new family member can be a joyous occasion, but it does require some planning. Your finances could be affected and you may need to create more protections. Insurance can help provide this protection, but you need to tailor your policies to meet your family’s needs. With all that is going on in your life right now, reassessing your insurance coverage might not be at the top of your list. However, policies should always be audited when changes in your family life occur to ensure your coverage will adequately protect your growing family.
Life insurance can provide your loved ones with valuable financial support when you die. Determining the right type and amount of life insurance coverage takes assessing your current financial standing and the future financial needs of your family. As your family grows, future financial needs will as well. Think long-term and take into account inflation, as well as any expected big-ticket investments, such as education over the years.
Also keep in mind the needs of a single parent or named legal guardians to care for your children if you pass on while they are unable to care for themselves. We can help you get started on legally naming long and short-term guardians for your kids using our Kids Protection Plan on our free website.
If you are purchasing a new home or building a new addition to your current home to fit your enlarged family, it’s a good idea to reevaluate your homeowner’s policy. Key factors to look for include whether your existing policy has sufficient coverage to repair or replace your home and whether your policy would replace your belongings if necessary. Also, consider adding riders to your existing policy to cover things like damage from natural disasters, which standard policies typically don’t cover.
You might need a larger or safer car to meet the needs of your growing family, and a new car can affect your auto insurance rates, so check with your provider before you make a new purchase to see how your rates may change. Also, some auto insurance providers offer policy discounts for married couples, so talk to your agent about the discounts you may qualify for.
If you’re growing your family and want to protect your loved ones, consider sitting down with us. As your Personal Family Lawyer®, we can walk you through creating a comprehensive Kids Protection Plan® as well as updating or creating an estate plan to provide and protect your loved ones in the event of your death or incapacity. Contact us today to get started.
This article is a service of Levi Alexander, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.
Photo by Erik Mclean: https://www.pexels.com/photo/car-seat-in-modern-vehicle-7708639/