Having a Baby? Are your insurance needs covered?

If you are expecting a new bundle of joy, now is the perfect time to evaluate your life insurance needs. Before children, in the event of your death, your spouse would probably be able to move forward without too many financial hardships. Once you add children into the mix, however, your financial responsibilities increase.

In the event of your death, would your children still be able to be raised the way they would if there were two incomes in the house? Will your spouse be able to provide them with funds for school activities, annual traditional vacations, college expenses and throwing a child’s future wedding? Would your spouse be able to afford to stay in your current home with your children if there were not two incomes coming in to pay the mortgage?

Having sufficient life insurance in place will provide financial security for your family, should the need ever arise. You want to make sure that you have planned for your children’s financial future, in the event that you are not around.

Once you evaluate the needs of life insurance for yourself, this is also the time to evaluate the life insurance needs for your spouse as well. Where would the money come from to raise your children should the death of both parents occur?

Your Brooke Insurance agent can review your life insurance needs and help you evaluate how much coverage you need to effectively cover your children’s future financial needs.