One of the questions that we are frequently asked at Goodman Insurance, Inc. is how a baby can affect your life insurance policy. Here are a few of the ways that a baby may influence your life insurance policy in the Shelton, CT area.
Becoming Your Beneficiary
If you have a child, you may want to change who the beneficiary is on your life insurance policy. Many people make the child, or the person who will be the guardian of the child, the recipient of their policy if they are not married or in a relationship. If you have a life insurance policy, you may want the money to benefit your child by paying for their college education, providing them a start with a savings account, or preventing them from going into future debt. Designating your child or their guardian as the beneficiary helps you to make this happen.
Increasing Your Policy Amount
The other reason why your life insurance policy may need to change after having a child is that you may need to increase your policy amount. After having a child, you are no longer responsible for just supporting yourself. You are now responsible for caring for and supporting a child. If you were to pass away, this could place a significant burden on the child’s other parent, which may result in the child growing up differently than how you planned. Increasing your life insurance policy helps your child to grow up without worrying about having a roof over their head or food in their belly thanks to your life insurance policy.
If you have recently had a baby, now is a great time to either buy your first life insurance policy or increase the value of your policy. Contact Goodman Insurance, Inc. serving the greater Shelton, CT area today to get started.