Recently Adopt? Here’s Why It’s Time To Consider Life Insurance Coverage
Are you currently considering adopting or in the process of adopting?
If so, investing in life insurance is probably about the furthest thing from your mind. Adoption can be a long and complicated process, making it pretty easy to see why life insurance could slip your mind.
However, you may want to think twice before skipping out on coverage completely. After all, whether going through the adoption process or not, all parents should take the time to consider investing in or increasing their current life insurance coverage.
Discover what you need to know when it comes to coverage.
Why Life Insurance Coverage?
Why invest in life insurance coverage in the first place? While you may be hesitant to add any additional expenses to the budget, it is worth reconsidering. Becoming a parent or adding a new member to your family is a significant milestone. Not to mention the significant increase of costs that a child can bring. Consider just some of the following reasons why you may want to consider investing in coverage.
What if something were to suddenly happen to you or your spouse? The death of a parent can be not only emotionally devastating for loved ones, it can be financially devastating as well. Life insurance can help provide a safety net in the event that the unthinkable were to occur.
Contrary to popular belief, life insurance can be an affordable investment. In fact, for the young and healthy, life insurance can be very inexpensive. However, rest assured that even with a chronic illness or condition, you are not out of luck when it comes to coverage. In fact, with TermLifeInsurance.com’s free term life insurance quotes, finding the best rates from the best providers is one simple hassle free process.
Peace of Mind
In addition to providing affordable protection, life insurance also offers a peace of mind. Adopting a child is a wonderful and life-changing process, and while we may not know what the future holds, we can protect the ones we love. Investing in a life insurance policy can provide peace of mind in knowing that even if the unthinkable were to occur, your loved ones are protected.
How Much Coverage?
How much life insurance coverage you will need will depend on a variety of factors. From your income to your spouse’s income, there is a variety of factors that will need to be taken into consideration. A good rule of thumb though is to plan on securing coverage 5-10 times your income in coverage.
Life Insurance Options for Adoption
What are your options for life insurance coverage? When you’re considering life insurance either before or after the adoption process, you’ll primarily be comparing 2 types of coverage, whole life insurance and term life insurance.
Whole Life Insurance
Offering permanent protection, whole life insurance policies never expire as long as you are paying for your premiums. In addition, whole life insurance policies are able to accumulate “cash value”, which essentially acts as a forced saving account that you can borrow from for a fee. It is also common for whole life insurance policies to be leveraged as an estate-planning tool. However,
Term Life Insurance
Term life insurance, on the other hand, provides coverage for a set period of time. Rather than providing coverage throughout life, term life coverage provides coverage for a defined period, often with the opportunity to renew. A more affordable option than permanent life insurance, term life insurance can be an effective solution for obtaining affordable coverage for families.
How to Get Started
Curious how you can get started and begin exploring your coverage options? Enter your zip code to get term life insurance quotes instantly, or feel free to check out our Term Life Insurance Blog for more answers.
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