Choosing A Great Insurance Policy

Insurance Policies Young Parents Need

As a new parent, you are becoming accustomed to juggling many different responsibilities. Making sure your family is financially cared for in the event of an emergency is an important concern, but one that is often overlooked. The following are some policies to discuss with your local personal insurance agents to ensure you can take care of your young family no matter what happens.

Life insurance

You need to make sure you have enough insurance for your family to live comfortably in the event one or both parents are lost. As a general rule, the largest policy should be for the primary earner in the family. Make sure the policy is enough to replace your income for the long term as well as to cover any final expenses that could be incurred. The non-working or secondary earning partner also needs life insurance to cover final expenses and any short term income losses by the other parent. Generally, the children don't need any life insurance or they only need a small policy to cover final expenses.

Home and Contents insurance

If you own your home, you need to make sure your policy covers the full replacement value of your home so that your family isn't left homeless. For renters, contents insurance is equally important since replacing your family's belongings could ruin you financially otherwise. For both homeowners and renters, verify your home and contents policies also cover emergency lodging in the event of a claim. It may only be an inconvenience to couch surf as a single adult, but children need the stability of a temporary home base if something happens to the family home.

Long-term disability

A long-term disability resulting from illness or injury can lead to financial ruin, which is something you need to protect your family from. Both parents should have a policy to help provide extra financial help in the event of disability. A long-term disability policy can replace all or part of the income of the primary earner, as well as cover in-home help for either partner. Further, this can help you continue to provide the proper care for your children in the event either parent becomes disabled.

Beyond standard auto and health policies most families cover, the above can make sure your family is living under a strong financial roof if tragedy or disaster strikes. This peace of mind is priceless. Contact a personal insurance agent today to learn more.