Reasons Your Life Insurance is Lacking: Your Life is Evolving

Factors that Impact Life Insurance > How Life Changes Affect Insurance

Reasons Your Life Insurance is Lacking: Your Life is EvolvingAs we mentioned in a previous post, life insurance needs change as you age and acquire more responsibilities, such as mortgages, cars and children. While your employer might offer a basic life insurance package, more often than not, it’s not enough to suffice should something go wrong. In this article, we’re going to cover the reasons why new parents should evaluate their Windham County Life Insurance policy. Becoming a new parent is rewarding and exciting, and the last thing you need to worry about is if your growing family is secured.

Reason #1: It covers stay-at-home parents.

It’s a misconception that a stay-at-home parent doesn’t need life insurance. If you’re the caregiver and you die, who’s going to take care of your child? Your surviving spouse probably has to stay at work and may still need to pay for childcare at the same time. With an insurance policy in place, your benefits can help cover these costs as well as other necessary expenses required to raise your child, explains Policy Genius.

Reason #2: It protects income.

Should you pass away and leave a child and spouse behind, life insurance can supplement your lost income to maintain financial obligations. Especially if you don’t have a large savings, or have a lot of dependents, life insurance limits should be evaluated as soon as possible.

Reason #3: Your workplace policy isn’t set in stone.

What happens if you change employers and they don’t offer any sort of life insurance? What if you pass away, as the primary income earner, and your spouse and new child have to figure out finances? These are major questions to ask yourself to determine whether you need a supplemental policy. While the typical payout of an employer-based policy is about twice your average salary, this is only realistically enough to cover a small family. As a new parent this might suffice, but as they grow older or you have more children, the policy will soon be exhausted.

Life evolves, and so do your insurance needs. There is no such thing as a one-size-fits-all policy, especially when it comes to securing your loved ones’ financial future.

About Byrnes Agency

At Byrnes Agency, we can help you decide the type of Life Insurance policy that suits your needs. Our life insurance specialists can help you find the right type of policy so you don’t buy more or less coverage than you and your family really need. For more information, contact us today at one of our two locations.

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