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Changing Your Life Insurance After the Birth of a Child - Updating and Changing Your Life Insurance After the Birth of a Child

Changing Your Life Insurance After the Birth of a Child

Changing your life insurance after the birth of a child can make sure that your beneficiary list is completely up to date. The reason why you want to do this as soon as possible is to make sure that no matter what occurs, your entire new family will be covered. Without this important step, you take the chance of waiting too long and then disaster can strike at any time. Of course, you don't want to live in fear all the time, but it's always good to be prepared just in case. Usually, if you can contact your life insurance agent very soon after the birth, they can send you the new Beneficiary Designation form for you to fill out and send in with their personal information. You will need a Social Security number for your new child, so this might be as long as ten days after the birth that you'll be able to handle this task.

Timeline for Changes to Settle

If you have questions on when these life insurance policy changes will take effect, then talk to your life insurance company about the usual process. The new beneficiary's information will need to be verified and then you can designate how much of the benefits he or she should receive. Again, this is a legal step you don't want to overlook because otherwise civil courts may end up making this decision for you. Although it's not pretty, many times a lawsuit is required to settle inheritance matters because these steps have not been taken beforehand. In fact, depending on where you live, the state may have certain laws regarding how your estate must be distributed between the surviving family members. This may or may not be in accordance with your wishes, but they will have no choice with no will or testament lining out these details.

Adding Your Child to Policies

For those clients who are trying to purchase life insurance that includes their child as a client, this is a slightly different matter. Even if they have their own policy through a provider that specializes in infants and young children, you may want to add them on to the plan you have with your provider. This will ensure that if something happens to them, you'll be able to take care of any final expenses. No one wants to think about or plan for their child's death, but it's this kind of forward thinking that can make the difference between heartbreak and heartbreak and bankruptcy. There is no way to tell how much it can cost to pay for a funeral and whatever expenses might have led up to their unfortunate passing. To make sure you have enough, talk to your agent about what they would recommend for someone in your position. They should be able to direct to you a beneficial investment plan.

Most of the time, you will probably have your own questions regarding changing your life insurance after the birth of a child. You can address these with your life insurance agent during a face-to-face consultation or through virtual communication. If you have decided to use technology to your benefit in this case, then make sure you have a list of questions that most concern you. Not only will this help you guide the conversation, but you won't feel overwhelmed by all the data they are offering. You will have some concerns of your own to bring up so you know that every part of your life insurance coverage has been handled properly.

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