Yours, mine or ours? — EDF Manager

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In life, when it comes to deciding on milestones, it is essential to have a plan. A plan not only keeps you on track with your goals, but also helps you achieve them. When you plan to start a family, the same is true. However, it now becomes a joint plan between you and your partner.

Two of the most important factors in this planning process are work and finances. Are you also planning to buy a house or a car? What is the state of your savings and investments? How much do you spend on leisure, travel, hobbies, vacations, and dating? Some of them fit into short or medium-term goals, while others require a bit more time. Although you and your partner may not always want the same things, you will have to agree on common ground when it comes to starting a family.

Life insurance can be one of your best decisions when planning a family.

We often tend not to see life insurance as a priority, instead we think that everything will be fine with our health. However, we rarely realize that life is unpredictable and today’s reality can change in the blink of an eye.

You know perfectly well that it is not easy to imagine what would happen to your loved ones if one day you were missing. But maybe it can give you the peace of mind that planning for your future and that of your family, more than anything, is a gesture of love.

The future success of this plan and your family also depends on ensuring your safety over the years. There can be many reasons to have a life insurance policy, but of course children can be one of the most important of all when it comes to family planning.

Are future parents expecting a girl or a boy?

It doesn’t matter if popping the balloon reveals pink or blue confetti; what matters is the future of the baby. Nobody wants to assume that something is wrong, but if it is, it’s best to have thought through your options beforehand.

Having and raising children is one of life’s greatest experiences. Holding them by the hand and giving them the tools to grow into decent adults is a responsibility that all parents take very seriously. That’s why you have to think, with the same seriousness, about what would happen if one day you weren’t there? Have you thought about all the economic effort it takes to support a child into adulthood? Life insurance can bring you the relief of knowing that in the event of death, your family will have the financial safety net they need to move on.

You or your spouse, that is the question.

At WAEPA, there are certain scenarios where coverage may best suit your needs. For example, if you and your spouse do not have dependent children on your policy or if you are younger than your spouse, you have two options for spousal coverage: dependent coverage or an associated membership. . Becoming an associate member is a smart option for you and your spouse if you are looking for higher coverage amounts and benefits than dependent coverage offers. Find more information about becoming a Associate Member.

Additionally, there may be certain tax benefits associated with ownership, primarily related to flexibility and control. The biggest downside is the risk of inheritance tax, but before you do anything, be sure to talk to your financial adviser first.

How much does life insurance cost?

Above all, we all agree that buying life insurance is the right decision when you have a loved one, children or family members to protect financially. The next step is to consider what type of coverage would be best for you.

Term life insurance vs whole life insurance.

Term life insurance provides temporary protection with coverage for a specific period of time. These policies are generally less expensive and last 10 to 30 years, and offer add-ons to customize your coverage. There is usually a maximum age beyond which coverage will not be offered or cannot be renewed. Learn more about WAEPA Group Term Life Insurance and Pricing.

Whole life/permanent insurance provides coverage for life. It’s more expensive than term life insurance, but it can last your lifetime while creating cash value. Whole life insurance offers a fixed death benefit whose cash value grows at a guaranteed rate of return. Many whole life insurance policies pay out dividends that can be used to reduce premium payments or can increase your cash value.

Short-term disability insurance: another option to keep on your list.

What would happen if you had a temporary illness or injury that prevented you from working? WAEPA’s group short-term disability insurance will cover your salary for up to six months. It provides benefits of up to $6,500 per month, which can help replace your income while you recover from a short-term disability. This valuable protection is reserved for civilian federal employees between the ages of 18 and 65 who actively work at least 30 hours per week. This can be considered additional income that will help support you and your family. Learn more about WAEPA Group short-term disability insurance and rates.

As you can see, being in a relationship means sharing responsibilities, but at no time does this mean ignoring your personal dreams. It means making choices together and creating a plan that satisfies both of you. Establishing your goals and the steps to achieve them will help you work together, providing the protection, financial support and peace of mind your family deserves.

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