Life Events Affect Your Insurance Needs

Thursday, August 27, 2009

New Child

Why do I need to review my auto insurance when my family grows?What would happen if you caused a car accident and the other driver suffered damages over and above your auto insurance limits? Your home, your other personal assets, and your future earnings could be put at risk. That could impact those who rely on you for support. Now is a good time to reevaluate your auto insurance coverage and make adjustments where necessary.
Why is life insurance important when a child is born or adopted?Each time there is a new addition to your family, your family's financial needs grow. Protect your family in the event that something happens. If you are purchasing life insurance, you need to select a reliable insurance company and the particular policy that's best for you. In general, you can select a company based on such factors as its reputation in the industry, the opinions of others, and ratings information.
How much life insurance do I need?Your life insurance needs depend on many factors—your marital status, number of children, age of the children, income level, debt level, value of assets, and financial goals. As your family grows, you should reevaluate your life insurance needs to be sure that your coverage is adequate. Questions to ask:
What are your financial goals?
Do you want only enough insurance for your survivors to get by financially, or do you want to have enough to cover college and/or retirement?
Can the coverage be modified to meet the changing needs of you and your family?
Use our life insurance calculator to decide on the coverage levels necessary to ensure your family's security.
Why do I need health insurance? You want to keep your children healthy and provide them with the best medical care possible, so health insurance is an absolute necessity. It can protect you from financial ruin if a serious injury or illness occurs. Make sure you understand how your policy works—what's covered, what isn't, the length of hospital stay you're entitled to, and whether your choice of doctors is limited. If you're expecting a baby or are adopting an infant, you'll be concerned about prenatal and maternity care, as well as pediatric care.


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