Welcoming a Child? Make a Life Insurance Review Checklist

Start with the household’s new needs

A new child can change a Bargersville family’s budget and the amount of support someone would need if a parent died. List housing, childcare, health expenses, transportation, existing debt, and near-term savings goals. Identify who currently pays each cost and who provides unpaid care. This is a worksheet for conversation, not a formula that sets a coverage amount.

Inventory existing protection

Gather individually owned policies, workplace benefits, and any other reliable resources. Record each policy’s owner, insured person, benefit amount, term or expiration date, and premium. Employer coverage may change with a job; our job-change review explains why it deserves its own check. Avoid counting the same benefit twice.

Discuss both caregivers

Income replacement is only part of the picture. If a caregiver’s work at home would require paid childcare, transportation, or other help, estimate those costs too. Ask a licensed agent how policy type, duration, underwriting, affordability, and exclusions relate to the household’s goals. Review what the policy actually promises rather than assuming approval or a future benefit.

Coordinate beneficiary and legal records

Check that beneficiary choices and contact details remain current. A minor child as a direct beneficiary may create legal and administrative complications; discuss appropriate arrangements with a qualified estate-planning professional before changing forms. Our beneficiary checklist helps organize names and documents, but does not replace legal advice.

Set a review trigger

Revisit the worksheet after another child, a move, a major debt change, or a shift in work or caregiving. Keep copies of policy documents and tell the appropriate person where to find them. Browse more Life Insurance articles and bring the actual documents to a conversation with Jennifer’s team.

The Jennifer Dammeier Agency serves Bargersville and nearby Johnson County communities. Contact Jennifer Dammeier American Family Insurance with your current policy and the details of your situation to discuss available options.

This article provides general educational information, not individualized insurance, legal, or tax advice. Coverage, availability, limits, exclusions, and claims depend on the policy and insurer. Review your documents with a licensed agent and consult other qualified advisors as needed.