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Having a kid is one reason many people get life insurance. But increasing your coverage after a second or third child isn't always necessary.
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buy life insuranceWe chose to buy term and whole life policies for each of us — a total value of $2 million at a cost of $580 per month — which would cover things like college tuition and our mortgage if one of us died unexpectedly. When our second child came along, we decided not to increase our coverage because we were making more money, had a better handle on the cost of our housing, and had inherited some money. Policygenius can help you compare life insurance policies to find the right coverage for you, at the right price » Life insurance is, at its core, a bit of an unsavory topic. Ensuring that your family is taken care of financially when you are gone is sad to think about, but it's also very necessary. That's why, when my husband and I found out we were expecting our first child a little over four years ago, we put "getis the hardest part. It can be daunting to sit down and go through your current expenses, not to mention forecast into the future in terms of how much you might need to put your child through college, what your mortgage/home costs might be , and what other costs you might want to cover when you have a family.to come up with how much coverage we were comfortable with was essential. Of course, you don't have to work with a planner — online calculators can help. In the end, though, we ended up coming up with a number that included putting our child through an in-state public college , as well as covering the remaining costs of our would-be starter home and implementing either my or my husband's salary for a certain number of years to allow the living spouse to get back on their feet. That number, not surprisingly, turned out to be fairly high. We decided to split our insurance coverage into a certain amount in a
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