Today I read an interesting article discussing common adoption fears. http://www.parents.com/parenting/adoption/101/common-adoption-fears-of-adopting-parents/?socsrc=pmmtw
So what happens after the process is complete? It is imperative that you ensure you are properly protected with life and disability insurance. Here are some tips for adoptive parents:
1) For life insurance, take a new look at your financial situation. The breadwinner should have at least 10-12x their income in death benefit and the insurance should last until your youngest dependent is out of the house (approximately 24 years old).
2) If one parent is going to stay home with the child/ren, they still may need some life insurance. Calculate the cost of hiring a nanny or childcare to come in at the loss of the stay at home parent. Even though they may not be bringing in a salary, they do provide an economic value that ought to be insured.
3) Review your disability insurance. Even if you have a group policy through work, it may not be enough. Group policies are taxable if the employer is paying the premiums and a lot of plans have restrictive definitions.
4) Now is a good time to review your will. Find a qualified local attorney who is familiar with estate planning who can help you.
5) Work with an independent broker such as Set for Life Insurance who can shop around and provide you with a quote comparison to ensure you are obtaining the most suitable policy at the right price.
For more information about life and disability insurance for adoptive parents, contact Set for Life Insurance today!