If you are in the adoption process, or considering embarking on this journey, the last thing on your mind may be life insurance requirements for adoption. With so many things to consider when looking to adopt it is easy to see why someone would not even think about life insurance. But, as new parents you should always consider the purchase or increase in life insurance, and it’s no different for life insurance for adoption.
Adoption and life insurance go hand in hand because when you have a child your financial responsibilities drastically increase. If you have been advised to look into adoption life insurance this article will explain the importance, and how affordable life insurance for adoption really is.
As someone who is adopted, I can tell you first hand why life insurance requirements for adoption is so vital. Not only is life insurance for adoption necessary, it should also be part of the financial plan of any parents. In the event one of the parents passes away it would leave a significant financial void which must be filled.
The passing of a parent not only has an emotional impact, but also has a large financial impact. All of your bills would not only be present, but you would need money for final expenses and most likely a babysitter since their would only now be one breadwinner.
Life insurance can provide the financial safety net needed by a couple looking to adopt just in case the unthinkable happens. This is not only smart financial planning for adoption and life insurance, but can be applied to anyone who has a child.
The adoption process is a very long and drawn out process, and can be very emotionally draining as well as emotionally fulfilling. During the adoption process, it is the job of the adoption agency to make sure you are suitable candidates for an adoption. With so many people looking to adopt such few children, they always want to make sure the candidates are a safe match for the child.
Not only is your family and living conditions looked at in depth, as is your financial conditions. They want to make sure you are not only providing a good home, but also the financial responsibility to raise a child. One of the basic building blocks of a strong financial plan is life insurance. You may even be asked during the adoption process whether you have life insurance. This shows the adoption agency you have protection in place to care for the child if the worst case scenario were to happen. Life insurance for adoption shows you are committed to the well being of the child.
Many different options exist when purchasing life insurance, which is why it is important you weigh out the life insurance for adoption options before purchasing. For parents, the two most popular types of life insurance types are permanent life insurance and term life insurance. They can be used separately, or overlapped to provide a total life insurance solution. For most parents, the best and most affordable option is term life insurance.
Term life insurance gives you the most “bang for your buck” and the large face amount which are necessary when you have a child are affordable. Term life insurance provides a death benefit for a specific number of years where your premiums will not increase.
This duration factor makes term life insurance for adoption a great solution. You can purchase a 20 year term life insurance policy, which will provide protection while your new child is growing up. The great thing about life insurance is you can re-evaluate your options annually and continue to evolve your life insurance plan.
If you are looking to adopt, and are curious about the life insurance requirements for adoption, our financial professionals are here to help. You can get an instant life insurance quote through our online quoter, and even start the application online. Any further questions you may have we are just a phone call away.