Life insurance from marriage in midlife or child support

Life Insurance From Marriage In MidlifeSliding out of your 30s and into your 40s means you're probably about to face some serious life changes. For many people, the next couple of decades is a time to focus on family, whether that means starting a new one or expanding the one you already have.As your life moves on, your life insurance needs will, too. Here are the life insurance

issues you may encounter at the mile markers people reach in their 30s and 40s.HighlightsParents ought to buy enough life insurance to cover children through college.When you remarry, life insurance coverage should reflect any alimony or child support.Insurancegets pricier as you progress through your 30s and 50s, so don't delay.SpendingWhen (new parents) think about life insurance, most people kind of focus on what we call 'final expenses.' What does it take to bury me or cremate me, pay off my debts, and so on?" he explains.But what parents typically forget, he says, are the major bills the family will encounter in the future, such as the cost of sending the children to college. You need enough life insurance so the family would be able to cover these sorts of expenses if a breadwinner dies.Most new parents in their 30s will need "somewhere between 10 to 20 times their income" in life insurance coverage, says Ontario Circadian, a partner with New York-based Eisner Amer Financial and Insurance Services LLC. People in their 40s will need 10 to 15 times their income, he says.
Employers provide many families with a head start to their life insurance needs. According to the US Bureau of Labor Statistics, 72 percent of full-time workers in the private sector are eligible for some life insurance benefits through their company.To do a comprehensive analysis of your family's potential expenses in the future and determine how much coverage you need beyond your employer-sponsored lifeinsurance, Cirianni recommends enlisting the help of an insurance agent or financial planner.ParenthoodAs you add members to your clan, you'll also need to add life insurance to ensure your babies are taken care of if something happens to you or your spouse. For new parents, figuring out how much coverage you'll need isn't easy and means figuring what your family's future costs might be, says Glenn E. Stevick Jr., an adjunct professor of insurance at The American College in Bryn Mawr, Pa.RemarriageMost people get married in their 20s, but it's not uncommon to walk down the aisle again in your 30s or later. A survey released in 2013  by the US Census Bureau shows that the median age for second marriage is about 37 for men and 34 for women.Lifeinsurance needs are different from those in second marriages, especially when stepchildren are involved, a vice president with New York Life Insurance Co. In addition to examining each spouse's income, assets and debts, couples also must factor in alimony and child support payments they may be making or receiving, and coordinate with their exes to ensure that all children are adequately covered.If you have a family that's now a blended family, you need to now redo you may have already done in the past, Virendra notes.AgingAnother major life insurance concern facing those in their 30s and 40s is time. Those who are eyeing life insurance, whether to cover a new baby or protect a new

spouse, should do so as soon as possible to get the best rates, says Circadian.Unlike investing, insurance always requires someone to be underwritten, and you have to qualify for it, he explains. There's no better time to look at what amount of coverages you're eligible for them when you're young and healthy.In most cases, life insurance premiums rise steadily as policyholders age. Plus, the older you get, the more likely you are to develop a condition that could spike your premiums dramatically or Cirianni says. Conditions such as obesity, high blood pressure, cardiovascular issues, high cholesterol and abnormal liver function can increase your insurance rates by up to 50 percent.It's really unfortunate because where there may have been an opportunity to set up coverage earlier in life, they may be stuck with a higher premium, he says.