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What is Dependent Life Insurance

No one likes to think about the death of a loved one. Especially a spouse or child. But just as life insurance for yourself protects your family, dependent life insurance alleviates the financial burden of a dependent’s untimely death. Dependent life insurance is often offered as an add-on to your life insurance through an employee benefits plan. You can typically purchase varying amounts of coverage depending on your needs and budget. Who Qualifies as a Dependent for Life Insurance? Dependent life insurance plans typically cover your spouse and dependent children. Spouse. Depending on your plan, a spouse is usually defined as the person to whom you are legally married. This can also include common-law marriages. A domestic-partner may not be considered a spouse. If applicable, check your plan. Children. Dependent life insurance extends to biological and adopted children, as well as children under your legal guardianship. Your child’s age also…

What is Dependent Life Insurance

No one likes to think about the death of a loved one. Especially a spouse or child. But just as life insurance for yourself protects your family, dependent life insurance alleviates the financial burden of a dependent’s untimely death. Dependent life insurance is often offered as an add-on to your life insurance through an employee benefits plan. You can typically purchase varying amounts of coverage depending on your needs and budget. Who Qualifies as a Dependent for Life Insurance? Dependent life insurance plans typically cover your spouse and dependent children. Spouse. Depending on your plan, a spouse is usually defined as the person to whom you are legally married. This can also include common-law marriages. A domestic partner may or may not be considered a spouse. If applicable, check your plan. Children. Dependent life insurance extends to biological and adopted children, as well as children under your legal guardianship. Your…

Determining Your Life Insurance Needs: 10 Milestones for Changing Your Coverage Amount

All too often, people buy a life insurance policy, stuff it in a drawer, and forget about it. While there’s no question that having coverage in the first place is the responsible thing to do, it’s important to remember that your life insurance needs hardly remain static. That’s why it’s a good idea to review your current life insurance policy once every five years. If one or more of the following 10 milestones have occurred since you initially bought your policy, it may be time for you to increase – or decrease – your coverage.  You’ve Gotten Married, Divorced or Been Widowed If you’ve just gotten married, the best wedding present you can give yourself (and your partner) is more coverage – especially if one of you is financially supporting the other. If you’ve recently divorced or been widowed, you may want to reduce your coverage amount – especially if you don’t…