iQuanti: Moms do it all; cooking, cleaning, caring for little ones, and most of all, planning whether it's for the next day or years down the line. With barely enough time during the day to get things done, it can seem impossible to find the time to find the right life insurance policy for your needs. We've rounded up a few tips to help you find the life insurance policy you need without spending all the time in the world doing it.
1. Understand Why Life Insurance Is Important
Life insurance is an invaluable tool to implement in your life. Whether you're a working mom, a stay-at-home mom, have one child or multiple children, life insurance is designed to protect all the value you bring to your family.
Without life insurance, you'll leave your family vulnerable when you're no longer around. While you may think that your savings or investments will be enough to support them, it is unlikely. With rates of inflation, ever-evolving needs, and more, it's important to put life insurance as a tool into effect to protect your family. It is a guaranteed way to support your family that offers endless peace of mind - something that moms like you can appreciate.
2. Pick the Right Length
There are multiple types of life insurance policies available to you, so you'll need to choose whether you want a whole policy that covers the span of your life from the point of purchase, or a term policy, which is valid for a pre-determined amount of time.
When it comes time to choose a life insurance policy, it's important that you select a length of time that runs until you no longer support all your children. Generally, this means choosing a policy that extends until your youngest is 18, but it can be adjusted however you need.
The reason for choosing a policy that extends through their entire childhood is that you can lock in a reasonable price earlier on and not have to worry about securing a new policy when that one expires. For a busy mom with endless financial obligations, locking in that policy until a later time to be revisited is priceless.
3. Don't Name Your Children as Beneficiaries Directly
You're allowed to name whoever you please as a beneficiary on your life insurance policy, but there are reasons you may not want to name your child. The most glaring reason is that naming a minor usually requires a court process to help them receive the death benefit when during the time of your death.
Most of the time, they'll need to wait until they are adults to manage the money anyway. That renders the policy useless if the life insurance cannot be used to support your child as a minor. Because of this, it's best to name a qualified person to manage the money or put the funds into a trust to be divvied out accordingly. Though it seems like a headache upfront, this will save your children from devastating news or lengthy processes later.
The Bottom Line
Obtaining a life insurance policy doesn't need to be a lengthy, complicated process. In fact, it's easier than ever to apply. Be sure to start your search as early as possible and secure a policy that works with your needs and wants for your family, not against them.
It may be beneficial to rely on an insurance broker to help you find the perfect policy for your needs and consult a financial planner in the process. Though you're busy, the small investment of time upfront for you can mean keeping your family safe and healthy, even in your absence.
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Original Source: 3 Life Insurance Tips for Busy Moms
