What Dads Need to Know About Life Insurance Policies

Life insurance can play a huge role when it comes to financial planning. Whether you’re a single dad, married, or co-parenting with someone else, you should have the proper information. Here are some tips that can help you, as a dad, take the right path when deciding on life insurance.

Dad lifting his daughter on his shoulders and looking up to the sky
What Dads Need to Know About Life Insurance Policies

The Application Should Be Accurate and Specific

To get life insurance, you’ll have to complete an application where you will disclose your medical history and aspects of your lifestyle. The medical history will have to include all your medical conditions and surgeries you’ve had or are planning to have.

The chances are that your insurance provider will want to know about your lifestyle. This includes if you engage in what is considered to be high-risk activities like sky-diving, participating in Ironman triathlons, and more. Keep in mind that every provider has a different definition of what activities are considered high-risk.

Your life insurance application will need to include any future travel plans and how long you will be traveling since some destinations are risky. Not every country has sufficient coverage by medical professionals, or they may have widespread diseases.

Life Insurance Is a Guaranteed Stream of Income

Dad and daughter taking a selfie
What Dads Need to Know About Life Insurance Policies

The point of this insurance is to replace your current income if something were to happen to you. It’s a security blanket for your dependents. The amount that you get depends on your provider and your policy.

There Are Exclusions to Your Policy

You may not be covered under your life insurance policy if you are engaging in high-risk activities or traveling to high-risk areas. Some policies also have a “contestability period” that lasts about two years, where the provider will have the power to look into your death.

When picking a policy, please take into consideration the age of your kids and their needs long-term.