Life Insurance: When & How to Get It

Starting a family is never easy, life insurance shouldn’t make it more difficult.

Between diaper changes, feeding, and trying to get some much-needed shut-eye, preparing for life’s negative “what-ifs” is hardly on your radar. That doesn’t mean, however, that you’re out of Life’s radar as we all know that life is always looking to take its best shot at us. When finding life insurance, know the basics and make your whole experience go smoothly.

Both parents need it!

Regardless of whether only one parent works or the both of you work, it’s important that the both of you get a policy. Should anything happen to either of you, the other partner won’t be able to receive the income of the other and supporting a child on one salary is no walk in the park (as many amazing single parents will attest to). If only one of you works, then what happens when the stay-at-home parent falls ill or passes away? The working one may need to hire an adequate nanny to help raise the child as the working parent goes to work for the day.

When you should get it.

Applying early in the pregnancy is the best time to get it, as most insurance companies won’t even consider you within 60 days of the due date. The insurance company will send someone to your home to conduct a physical on your wife, and after that, it usually takes 1-3 months for the policy to take effect.

What’s available?

Term life insurance – This life insurance is temporary and pays a lump sum to the insured’s family if the person dies within a certain time period. (That time period is set by the insured.)

Whole (Permanent) insurance – As the name suggests this life insurance is for the entire life if the policyholder. Should you decide to cash out the policy, that money is tax-free!

Starting and raising a family is already stressful enough, life insurance shouldn’t have to add to that stress. You don’t have to figure out how much life insurance to buy on your own. Contact Pierce Insurance Group in McKinney, Texas to get guidance to the right policy!