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Life Insurance
What Is It, and How Much Do You Need?
By Megan Fowler
Right now the only things you've got on your mind are sleep deprivation, 4 a.m. feedings, piles of laundry and avoiding Baby's first ear infection. It's inevitable. Your new baby takes over every part of your life – even your life insurance.
"Life insurance?" you ask. Yes, it's one of those financial details often forgotten when putting together a nursery. For years, you probably heard your parents talk about life insurance and how you'd be taken care of if the unthinkable happened. But now you're the parent, and it's up to you to start planning for the future.
"It's best to take care of all the financial things as soon as you know you're expecting," says Jack DerKacy, an agent/insurance counselor at New York Life Insurance Co. in Downers Grove, Ill. "Always have things done ahead of time; it just makes things easier on you."
Before you get overwhelmed with questions and uncertainties, don't worry. Brokers and agents hear them all the time and it's their job to help you find exactly what you need. (Brokers work with all insurance companies where as agents work specifically with one company.)
"Begin with your employer and make sure you are taking full advantage of your benefits," recommends Philip Reyna, life product manager, USAA in San Antonio, Texas. Look at the current coverage you have and then establish your family's need. But keep in mind work coverage may not always be enough. Then head to the Internet and familiarize yourself with the ins and outs of life insurance. Sites like www.insure.com, www.underwriters.com and www.acli.com include need worksheets, complete explanations, company comparisons and common vocabulary. Sites like these also offer quote options for companies around the world, and in most cases it's free.
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