Valentine’s day may be a month away, but it is a day that can affect your life insurance. An engagement can drastically change your life insurance needs. Now, you do not just have yourself to think about. For instance, will you be combining bank accounts and sharing bills? Will being engaged mean two incomes? Does two incomes mean a bigger house, a more expensive car or cars, or starting a family? However, all of these changes come with an increase in cost. First, a bigger house comes with a bigger mortgage payment. A bigger house comes with more maintenance and up keep. It can also come with an increase in heating and electric bills. All of this can add up quickly. In the event of your passing would your spouse be able to pay all these bills. Would your passing or your spouses passing leave the family in financial peril.
Is there a baby on board?
Second way Valentine’s day could affect your life insurance is the birth of a child. For instance, a child can come with a lot of expense, therefore there is an increased need for life insurance. In other words, a new child can bring doctor bills, daycare cost, diapers and more. If your family were to lose you or your spouses income would the other be able to make ends meet. Furthermore, does a child bring the possibility of college. If a death were to occur would you not be able put your child through college. Further down the road would you be a co-signer on your child’s loans? All of these items will lead to an increased need for life insurance.
What do I need in terms of life insurance?
Has talk about Valentine’s day got you thinking about your need for life insurance? We can help you out with that. Give us a call and we can help you make sense of the different types of life insurance and your needs. In other words, is a term insurance policy better for you or a whole life? In addition to getting you the coverage that you need, a life insurance policy may be able to save you money on your car insurance and your home insurance. We can help you take the guess work out. You can also check out the life insurance calculator below.
