Bringing a new baby home from the hospital or adopting a child is an exciting time. There are a lot of new things to remember and think about. What many new parents don’t think about, in-between diaper changes and 2 AM feedings, is how their insurance needs have changed along with the size of their family. It’s an important consideration, though. That’s because you now have someone else relying on your income, someone else whose shelter, food, clothing, education, medical care, and more rest on your shoulders.

Whether you are a recent new parent, are expecting a child, or have decided that now is the time to start or grow your family, consider the adequacy of your current life insurance and disability income coverage.

  • Life Insurance. If you were to die prematurely, would your loved ones have the funds needed to pay your final expenses and to make up for the sudden loss of your income? Would your child or children be able to go to college, and would your family be able to stay in your home without radical lifestyle changes? Life insurance can be there to provide funding for those reasons and more. Your insurance agent may recommend term life coverage, permanent life insurance, or a combination of the two.
  • Disability Insurance. Most people don’t like to think about it, but there is always a chance that any one of us could become disabled at any time, whether due to illness or injury. Disability income insurance is coverage designed to pay you or your loved ones a portion of your income if you are unable to work because of a covered disability. This type of insurance protection can be invaluable in allowing your family to meet its ongoing financial obligations during the period of disability. That means that becoming disabled would not necessarily mean drastic changes in your life — or theirs.
Don’t worry if you aren’t sure what your insurance needs are, or what the best way to meet those needs is. That’s what we are here for. To learn more and to request free insurance quotes, contact Christopher Ferguson Insurance in Tyngsboro, MA today!