We provide life insurance products to our customers at Mid Atlantic Insurance Financial, serving the greater Laurel, MD area. If you have recently welcomed a new child into your family, it is strongly recommended that you increase your life insurance policy. However, many people do not understand why this is so important to do after welcoming a new addition. Here are a few of the reasons why.
A New Child Increases Your Expenditures
When you welcome a new child into your life, you will find yourself having to spend more money. A new child has needs, including housing, clothing, food, and even child care. Children are not cheap, and the amount of money you and your spouse spend each month increases after welcoming a child.
You Want to Ensure Your New Child is Provided For
If you unexpectedly pass away, you want to ensure that your spouse, child, or children are taken care of. However, if your life insurance policy is not increased after welcoming a child, your spouse may not have the money they need to ensure that your child lives the same quality of life they have become accustomed to. Increasing your life insurance policy ensures that your child is provided for should you pass away unexpectedly or early in life.
If you are looking to purchase a life insurance policy for the first time or need to purchase a policy because your existing policy no longer meets your needs, Mid Atlantic Insurance Financial, serving the greater Laurel, MD area, would love to help you. Call us to schedule an appointment, and let’s sit down and discuss how much life insurance is ideal for you and your family.