New Baby... Buy Insurance

You’ve just had your first baby boy. Or maybe it was a little girl. Either way, congratulations. You don’t need us to tell you that life is going to change, and change quickly. You’ve no doubt already become accustomed to the idea of sleepless nights, midnight feedings, dirty diapers, and all of that kind of stuff. But what you may not have thought about with the birth of your baby is term life insurance.

But, you should. After all, there’s someone depending on you and your income now. If you haven’t already scheduled an appointment with your insurance agent, do so. You’ll want to adjust the amount of your term life insurance. And if you don’t have any life insurance yet, you’ll want to invest in some immediately.

Think about it. That little guy is totally dependant on your income. If you were to die today, what would happen? Who would pay for:

• Diapers
• Food (18-20 some years’ worth of groceries is a lot)
• Health Insurance
• College Tuition

Of course, there are a lot more expenses that junior will have growing up, but our purpose here is just to get you thinking about it. Even if your spouse has an income as well, chances are that it won’t be enough to cover your child’s expenses. These days, the average in state tuition is almost $8,000. And if, by chance, your little guy grows up to be a scholar, Harvard and Yale are much, much more expensive.

We know, your little guy is probably going to get a football scholarship anyway. You can already see that killer instinct in his eyes when he screams and reaches for that rattle. But on the off chance that he might need a little help paying for college, you might want to consider putting aside some savings for him and investing in term life insurance, just in case the unthinkable happens.

And while you’re at it, consider taking out some life insurance on your baby. We know, no one wants to think about their baby dying, but in the unlikely event it happens, you definitely don’t want to worry about where the money for final expenses is coming from. Besides, buying life insurance on him now guarantees that he’ll be able to get life insurance himself later, even if he has health issues.