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March 18, 2013

Prepare For Your New Family With The Perfect Insurance

As new parents with a million things to plan, it’s important not to neglect the new insurance situation you will face. Planning now will you give at least one less thing to do while you’re changing diapers and feeding when your new arrival comes.

Life Insurance

You may want to consider creating a trust to be the beneficiary of your life insurance policy so you can prevent death benefit proceeds from being added to your estate or, after your death, your spouse’s estate for tax purposes. You can ensure that a portion of your benefit is allocated toward your minor child at the time he or she reaches the age of majority or whenever you indicate within your trust. You have a certain amount of control over the use of your death benefits so that you can direct them to help make financial life easier on your spouse and children after you pass away and later on in life.

Buying life insurance for your child gives them a financial head start when they become adults because by buying a child an insurance policy, you lock in low rates and can start creating cash values that they can take loans against later, such as when they go to college.

Disability Insurance

A disability insurance policy ensures that you can continue supporting your child even in the face of a disabling injury. Disability insurance allows you much more control over the receipt of benefits compared to Social Security and can help you rely less on savings during the waiting period for benefits to begin.

Home / Renters Insurance

With home or renters insurance, you can make sure that your children have a roof over their heads even after an insurable incident makes your home inhabitable as long as you have loss of use benefits. Both types of insurance will assist you with financing your family’s lost possessions. A home insurance policy will also help you get necessary repairs to make your home livable once again.

Auto Insurance

Not only is auto insurance required by your state, but it is one of the best ways to keep you and your children safe. Auto insurance can help compensate for liabilities you incur, and therefore removing the need to access your savings to satisfy injured parties. The medical payments can help your family afford the best health care after one of them has been hurt. It’s critical to note that state insurance limits may not be representative of the actual protection your family needs.

If you want to ensure your insurance portfolio will protect your family when you need it, give us a call today at (800) 807-6871 and we’ll be happy to help you through this life decision.

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