Life

Whether it’s your first time or you’re a veteran to parenthood, there’s nothing more important than protecting your child as soon as they’re born. But what are you doing to make sure their future is financially secure? Savings and a college fund are great, but we have a not-so-secret secret for you... life insurance is the best decision and here’s why. If you don’t have a life insurance policy, you’re missing out on one of the best ways to make sure that your kids will be protected if the unthinkable were to happen! Life insurance can give you peace of mind that your family will be able to continue paying the bills to keep a roof over their heads, and provide for milestones your children will get to even if you’re not around anymore. Being a new parent is all-consuming (and we’re aware death may not be your favorite topic) but if you’re worried about taking the time to get your life insurance policy in order, we have good news! Applying for life insurance is now easier than it used to...

Life insurance riders  allow you to increase the coverage or death benefit provided by your policy. If you have kids, you might consider adding a child rider. Child rider   life insurance   additions pay out a death benefit if a covered child passes away while your policy is active. Like other insurance riders, there are some pros and cons to consider when deciding if this type of coverage is something you need. For help deciding if this specific rider is right for you, consider finding a financial advisor. What Is a Child Rider for Life Insurance? Child riders, also referred to as child insurance riders or child term riders, allow you to enhance a term life insurance policy that you've taken out to cover yourself or your spouse. This type of rider covers all of your children as well as any children you may have in the future. If your child passes away, your policy's child rider would allow you to collect a death benefit. You could then use this money to co...

  Do I need to carry life insurance after my children have reached adult age? If so, what type makes the most sense? –  Greg Becoming an empty nester is a prime time to re-evaluate your  life insurance  needs. Life insurance is meant to provide for people who rely on you financially. If your adult children no longer do, it can seem unnecessary to keep an emergency raft on standby. But life insurance can offer more than protection against unexpected death. With forethought, the cash windfall can lessen the sudden financial burden on your loved ones or provide more wealth for your heirs. Below, I'll lay out some of the top reasons to consider life insurance as an empty nester. But first: If you already have a policy, don't cancel or surrender it without reviewing your current situation and goals with a financial planner. If you don't have a policy and decide to buy one, it's a good idea to get a financial planner's opinion before meeting with an insurance age...

D ave and Vicky have a common problem. They're dual income parents with a young child and practically no  life insurance . They think they need at least some insurance to protect their family's economic well being in the event one or the other were to die, but they don't trust the claims of the insurance agents they've talked to and want to understand how to determine how much insurance they need and what kind to buy. To help them, and anyone else in a similar situation, here are five steps to buying life insurance wisely. Step One: Determine If You Need It. The purpose of life insurance is to protect the economic well being of your dependents if you die. If you don't have anyone who depends on you for financial support, you don't need it. If you have lots of assets that could be tapped to protect the income and lifestyles of your dependents, you also may not need it. But if you have few assets, lots of debt and dependents, you may need a lot. Life insurance is ...

Life Insurance » Does Your Kid Need Juvenile Life Insurance? You may need life insurance after getting married or having a child, but do you need it from the day you're born? Advocates of juvenile life insurance say "yes" and hail the policies as financial planning essentials, while critics argue they're a waste of money. Just like grown-up life insurance, two types of policies are available for kids: juvenile term insurance, which provides coverage until age 23 or 25 and offers the family a death benefit to cover unexpected funeral expenses for the child; and juvenile permanent insurance, which includes both a death benefit and a savings reserve that builds "cash value" as the child ages. Here's what a family needs to know. Child death benefit pros and cons Companies offering juvenile term life insurance talk about how the policies can provide a family with "peace of mind" by offering financial assistance -- namely, a death benefit -- "...

Do I need to carry life insurance after my children have reached adult age? If so, what type makes the most sense? –  Greg Becoming an empty nester is a prime time to re-evaluate your  life insurance  needs. Life insurance is meant to provide for people who rely on you financially. If your adult children no longer do, it can seem unnecessary to keep an emergency raft on standby. But life insurance can offer more than protection against unexpected death. With forethought, the cash windfall can lessen the sudden financial burden on your loved ones or provide more wealth for your heirs. Below, I'll lay out some of the top reasons to consider life insurance as an empty nester. But first: If you already have a policy, don't cancel or surrender it without reviewing your current situation and goals with a financial planner. If you don't have a policy and decide to buy one, it's a good idea to get a financial planner's opinion before meeting with an insurance agent. The...