Why New Parents Should Reevaluate Their Life Insurance

As your family grows, your financial obligations often increase: think of child care, education costs and everyday living expenses. If something unexpected happens, life insurance may provide crucial funds to your family that can help them maintain their lifestyle and meet future goals.

Reasons to Reevaluate Your Coverage

Here’s why reviewing and updating your life insurance matters:

• Increased financial responsibilities—With a new child, your household expenses and future commitments may rise. Reviewing your policy can help make sure your coverage matches your current needs.
• Beneficiary updates—It’s important to update your beneficiaries to reflect your new family structure and make sure your policy benefits go where you intend.
• Policy type considerations—Consider whether term or permanent life insurance is best suited for your situation. Each offers different benefits for financial protection and long-term planning.
• Employer coverage limitations—Many Utah parents rely on employer-provided life insurance, but these policies may not offer enough coverage or portability if you change jobs.

Utah-specific Considerations

Families face numerous challenges, including rising living costs and increasing educational expenses. Reviewing your life insurance with a local agent can help confirm that your policy reflects the realities of living and raising a family in Utah.

Speak to an Agent Near You

Goal Insurance works with new and expecting parents to assess their current life insurance, identify gaps and recommend solutions tailored to your family’s needs. Our team is here to answer your questions and guide you through every step of the process. Contact us today to schedule a consultation.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.