Should I update my Life Insurance Policy when I have Children?

Answer:
Yes. Any major life change – especially the birth

of a child – necessitates a thorough review of your life insurance policy. You will likely need to increase your coverages because you now have children that your surviving spouse will need to raise after your death. Not only will there be day to day expenses such as the mortgage, utilities, clothing, food, and childcare expenses, if you dreamed of sending your children to college your spouse will need to save a significant amount of money to make that dream come true.

Life insurance can replace your income, pay off your mortgage, and leave enough left over for expenses that your children will need. Consider updating your spouse’s life insurance too. Even if your spouse stays home to raise the children, if your spouse dies, you will need additional income to pay for childcare.

In addition to updating your own life insurance policy when you have children, consider life insurance for your children. Since children aren’t relied on as a source of income, their life insurance needs are minimal. You should take out enough insurance to cover medical debts and burial expenses.


	more Q&A sessions like this
	Does chewing tobacco increase life insurance rates? Should I update my Life Insurance Policy when I get Married? What are some common Health concerns that increase Life Insurance Rates? Do I need a life insurance policy for my child? What are the main types of life insurance? What is term life insurance? What is Accidental Death and Dismemberment Insurance? What can you tell me about Gerber Life Insurance?