Two very young children holding hands outside their homeOnce you decide to become a parent, you need to start considering things like life insurance. Whether you are preparing to adopt or have already adopted a child, you will want to make sure they will be financially secure should something happen to you. It could even be required by adoption agencies in some states, such as Mississippi.
Part of your adoption preparation is your home study. Many couples who haven’t yet adopted may just have the minimum life coverage that their work provides. But thinking (and planning) for this early on can help you be more prepared, both for the home study and parenthood.
During the home study, one of the questions you will probably be asked is, “Have you prepared for your child if something happens to you?” You will need to provide information on who would care for your child and how they would be financially taken care of. Providing specifics on an adequate life insurance policy will show you have prepared.
It is wise to purchase a life insurance policy as early as you can. As you age, your life insurance premiums will increase by approximately 4.5-9%. When signing up for life insurance, keep in mind that the insurance companies cannot release funds to a minor. So, you will want your beneficiary to be a named guardian of your child or have the funds deposited to a trust.
Make sure you are obtaining your life insurance from a reputable company. Here are the top 15 insurance companies based on different criteria, as reported by Find an agent you trust that can explain the different types of life insurance available. Will a term life or a whole life policy be best for your family? The agent will be able to look at your finances and lifestyle and recommend the best policy type for you. They will also be able to tell you how large of a policy you should have.
Don’t put this important step off. Nobody expects the unexpected. When tragedy occurs in a family, you want to be sure that those who depend on you do not have to worry about money and how to survive. Life insurance is an investment in peace of mind.

Linda Rotz

Written by Linda Rotz

Linda Rotz, CWCM-S, CWCM-Trainer, ACC, is the Director of Adoption Services at Lifetime. Linda has worked in the field of adoption for 20 years within the child welfare/foster care system in Florida. She has degrees in Mass Communications and Human Development, and completed graduate studies in social work.

Due to her extensive expertise, Linda was called upon to write adoption procedures and training materials in Florida. She is certified as an Adoption Specialist, Child Welfare Case Manager Supervisor and Child Welfare Trainer in the state of Florida.