Newly-Married and/or Baby on the Way…Helpful Tips and Resources for the Right Policy
If you are newly-married, expecting a baby, or perhaps a newlywed , congratulations! You are in the middle of an exciting time. This is a good time to take a break from settling into your new life to think about insurance issues. Significant life changes, including marriage or the birth of a child, may necessitate significant changes to your insurance policies.
Health Insurance for Your Family
If you already have health insurance, check over your policy to figure out what steps you have to take to add a spouse, if necessary. If you are an expectant parent, you will need to make sure that you are aware of how to add the child to the policy immediately following the birth. It is better to avoid gaps in coverage whenever possible.
If you do not already have health insurance, you should consider it. No one is immune to health problems; people who are generally healthy may be tempted to save money by eliminating health insurance from the budget, but this can be a costly risk. Health insurance premiums can be burdensome, but a lengthy hospital stay can prove to be far more costly. If you cannot afford health insurance, investigate programs that provide low-cost health insurance based on income.
Life Insurance is Important
Life insurance is one of those topics that no one wants to think about. Many people procrastinate on this issue but you should resist the temptation to put it off. You may think that you are a healthy person so it is not relevant to you or you may view it as a morbid topic that does not bear further thought. The reality, though, is that accidents, illness, and other untoward circumstances can befall anyone and it is better to be prepared for them.
If you die, you would like your survivors, especially a spouse and children, to have the wherewithal to carry on, right? Life insurance would give them the means to do that. It is money that is paid out, per your designation, to those who survive you. When you designate someone to receive money from your life insurance policy after your death, that person is known as a beneficiary.
As you are sorting out your life insurance issues, you may also want to consider making a will. This is a way to determine who will receive your assets and possessions after your death. If you have a child, you can also specify who should receive custody of the child after your death. This is an important step and it is one that many people address when they are dealing with life insurance issues.
Choose a Reliable Insurance Professional
As you deal with these important issues related to your health, your family’s health, and your wishes in the event of your passing, it is important to ensure that you have a trusted and knowledgeable adviser to assist you. If you have an attorney, he or she can prepare your will and may be able to point you in the right direction when it comes to insurance issues. All insurance policies are not created equal; some are better than others. Some companies are more reputable than others. An attorney or other trusted adviser can help you figure out the best and most reputable company as you seek to provide adequate insurance coverage for yourself and your family.
