Why I Opted Out of Buying More Life Insurance After Having a Second Child

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  • Life insurance should provide financially for surviving loved ones.
  • It often makes sense to buy more life insurance after major life events, but I did not buy more coverage after having my second child.

There's a few simple reasons why I decided not to buy more life insurance.

Life insurance should provide a death benefit that is large enough to provide for surviving loved ones in case of an untimely death. It is important to buy a policy early on when coverage is still affordable and is available before pre-existing conditions develop. But, it's also important to make adjustments to that policy as life changes happen.

There are many different life circumstances that could necessitate the purchase of more life insurance. For example, getting married may prompt the purchase of more coverage if a spouse depends on income. And, often, when a child is born, it also makes sense to purchase more life insurance because of the costs of raising that child into adulthood and providing education.

When my first child was born, I made the decision to buy more life insurance for that very reason. But, when my second child came along, I opted out of buying more protection. Here's why.

There's a simple reason I didn't buy more life insurance

When my second child was born, I carefully assessed the amount of coverage I already purchased. I had a generous life insurance policy in place before my son came along, and I added additional coverage that would help fund the costs of raising and educating him if something happened to me.

In fact, when my daughter came along and I evaluated my coverage needs, I realized that I had a large enough policy in place not to support just one child but also to make sure her needs were met as well.

Since I felt pretty confident that the death benefit I had was large enough, I didn't really want to go through the process of applying for more coverage. Purchasing additional life insurance can be more complicated than buying other kinds of insurance because the underwriting process is more intense. Typically, a medical exam is involved and I'd have to answer lots of detailed medical questions.

I would have completed these steps if I thought I really needed more life insurance because obviously I want to make sure my daughter is provided for. But looking at the added costs my family would face with two kids instead of one, it became clear that the amount of life insurance already available to me would be more than sufficient to cover any financial obligations throughout her childhood and into the time that she becomes an independent adult.

It's always important to evaluate life insurance coverage

Although I ultimately decided not to buy more life insurance, I'm glad I took the time to assess whether doing so was necessary. It's important for any life changes to prompt a close look at life insurance coverage because no one wants to leave surviving family members without the funds they need to support themselves and maintain their quality of life.

Buying a sufficient amount of coverage upfront to plan for future life changes -- such as anticipated children -- can also be important because that way if a pre-existing condition develops later, coverage is already in place. That can save a lot of stress and hassle later on due to the challenges involved in adding additional life insurance at an older age or after medical problems have occurred.

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