Reviewing My Life Insurance

Today is my 46th birthday. While this may not be high on other people's lists for their birthdays, I have been considering whether I have enough life insurance.

In fact, I need to get more. We have a recent new addition to our family -- my 7 month old daughter -- and if anything happened to me, I'd want to have enough insurance to help my husband handle the situation. That would include daycare for 2, not 1. It would include paying off our mortgage. It would include some money to pay for a couple of years worth of tuition to the private school we have in mind. It would mean paying off all our debts, so there isn't any financial stress on my husband while he tries to deal with the challenge of being a single parent. It also means that I need enough insurance to cover the cost of my funeral and burial arrangements.

While I normally review my needs and find that I have enough insurance, this year I think I'm a bit short. The addition of a second child has made a difference. The purchase of a new vehicle this year (a family van) has made a difference. I need to increase my coverage by about $30-40K.

However, I'm also getting older. I think I may be getting to the amount of insurance that may require me to go through a comprehensive physical. That's not something that I'm looking forward to. While I'm in good health generally, I'm also a few pounds over my ideal weight after baby #2.

I'd hate to have to pay a higher premium just because I'm carrying a bit of extra weight around. But that is a new reality of insurance. Here's hoping I'm not carrying enough baby weight to make a big difference.

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