Life insurance is an important way to safeguard your loved ones’ financial futures. Put bluntly, it protects them when you pass away. Without this safety net, your death may leave your family members without your financial support. You may have the opportunity to enroll in a life insurance policy either through work, a service organization, or your own individual estate planning. Regardless of how you get started with a life insurance policy, you want to make sure your loved ones – especially your children – are on the policy. When your life changes (you get married, divorced, have kids, etc.), you should make changes to your life insurance policy to reflect who you want your life insurance policy to benefit.
When you welcome a new child into your family, your life insurance policy will not automatically update itself to include him or her as a beneficiary. You will need to officially request that the listed beneficiaries on your policy be changed to add your new child or children.
By using our free Life Insurance Beneficiary Change Request (Child) form, you can sidestep the headache of dealing with your life insurance company informally and avoid the heartache of forgetting to care for your children once you’ve passed.