lifesituation
Life situation
Having a child
The one insurance decision that is entirely about someone else. Term life is the first thing to buy, and the amount is bigger than most people guess.
Whatchanges
What changes
- Someone now depends on your income for roughly two decades.
- The house needs to stay the house; a mortgage payoff is usually part of the number.
- Both parents need coverage, including the one who earns less or nothing — replacing childcare costs money.
What to do, in order
- Buy 20- or 30-year term life on each parent; a common starting point is 10 to 12 times income plus the mortgage.
- Name the guardian and set up the beneficiary properly — usually a trust, not the child directly.
- Add the child to health coverage within 30 days of birth.
- Check that the car seat vehicle is the one with the best coverage in the household.
- Revisit the umbrella; families are sued more than singles.
Coverage
Coverage to check
Get life optionsStart with life. Then the rest.
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Other life situations
Also worth a look.
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