Successive child birth indicates growing family. Along with the raising number of your kin are the countless responsibilities of parents to take, in order to achieve a comfortable, peaceful and wonderful life. In line with this, one must say it is but an ideal time to put things in order. Looking at your existing life insurance policy is really a must to accomplish undertaking. Having no insurance plan is so stressful that is why to no regrets, better get one at the earliest possible time. Here are life insurance tips to follow for parents.
Begin with the assessment of your present insurance policies. As well as any coverage you acquire out of your job and some other individual policies you personally own. Above all, check on whether you have sufficient coverage, if you have the best kind of plan, whether it has the best rate offered and is competitive, and verify if you have accurately designated your beneficiaries.
2. Sufficient coverage
Nurturing a child since birth continuously increases in number. In addition, fear of taking them to college usually troubles them. With these reasons, you must motivate yourself to procure quite a lot of insurance that can help and save you during up coming times.
3. Coverage for both parents
You must discard the wrong notion that because your spouse is not working and is just staying home attending to family's daily care and needs, she does not need the insurance. What if something happens to her? You will surely find difficulty raising your child alone, because you will be forced to pay for, say a nanny, for you to pursue your job. So be sure both of you get a life insurance.
4. Specific coverage
Purchase the kind of plan which you think will benefit you the most, depending on the needs of your growing family. Choose from the two main types of life insurance. The term insurance, which sustains a death benefit only for a particular period of time, and permanent life insurance with a combination of death benefit and a savings option/cash value. The former plan is cheaper since it only provides the death benefit, while the latter, aside from the same benefit as the former offers, it allows you to accumulate cash value.
5. Competitive Rates
If possible request for a premium quotation from prospective companies before you close a deal, so as to come up to getting the best competitive rates. If possible, convince your employer to maximize your coverage in order to avail a higher value.
6. Designate Accurate Beneficiaries
There should be accuracy in designation of beneficiaries in a plan. Your partner automatically becomes your immediate beneficiary. But in the instance, the two of you dies; your child becomes your contingent beneficiary who will receive the proceeds of the policy. The proceeds is then placed in a trust for the benefit of the child and the policy should state a trustee and specify the use of its proceeds.
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Mei Mayore is a dedicated life insurance agent who is keen to provide people fast and risk free life insurance quotes. Learn more things on how to achieve maximum savings and claim strategies by visiting Life Insurance Quotes Canada.
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