After I Marry, Should I Obtain New Policies For My Spouse And Kids Or Should I Purchase Riders On My Policy?
After you marry and begin a family, you will want to have protection for your loved ones. Your decision to purchase separate policies or riders will need to be based on a few decisions.
First, if you purchase separate policies for your family you are giving them the opportunity for cash growth and securing low premiums on their policies. While some child rider policies will actually convert to a different policy when the child comes of age, these policies may not offer the same coverage or the same premiums if the policy was purchased as a separate policy from the start.
Another thing to consider is your financial status now and in the future. Riders offer a less expensive alternative to separate policies, but they may not provide the coverage you need. It is, however, a great way to cover your loved ones if money is limited.