My personal journey in a blended family
ESTIMATED 1MIN READ
One important financial planning aspect of bringing two families together in a blended family is the risk management portion of your plan.
In this writing, I’ll focus specifically on the life insurance component of risk management. Blended families now account for about 40% of families in our country according to the U.S. Bureau of Census. That means one if not both sides bring at least one child into the new family. If those children are under the age of 18, then maintaining adequate life insurance is a vital component to consider.
If the previous marriage of that parent ended as a result of divorce, then it is not uncommon for the courts (via a divorce decree) to require life insurance be purchased or maintained on one or both divorced spouses (especially if alimony and child support are involved).
It’s very important to have conversations about any of those requirements with your new spouse and discuss if your new family circumstances should dictate buying a separate policy to protect against the unforeseen.
Sitting down with a trusted life insurance professional to evaluate your overall family needs can be a life-changing investment of your time as a blended family.