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In many cases families choose to adopt newborns placed by their mother at the time of birth or shortly after. In most cases, a mother has a period of time where she is legally able to change her mind. Private domestic infant Adoption includes a process where finances are invested for a desired outcome. Hopeful adoptive parents often fear a change of heart, and sometimes suffer great financial loss. In some adoption situations there are ways that potential adoptive parents can protect their finances during the adoption process.
In some states Adoption insurance may be available to protect adoptive parents when some situations cause an adoption to be uncompleted. Hopeful adoptive parents pay an insurance premium in order to purchase an adoption insurance policy. In most cases these policies and the specific terms of the insurance offered may vary depending on the policy chosen by the individual adoptive parents. Many Adoption Insurance policies will cover the adoptive parents out of pocket costs such as:
- The potential birth mother’s maternity and delivery expenses.
- The potential birth mother’s and legal expenses.
- The home study costs.
- Adoptive parents travel expenses.
There are many legitimate reasons adoptive parents might need insurance when pursuing the adoption of a baby. Many situations can arise that can cause an adoption plan to fail. In some cases it’s due to:
- A miscarriage of the baby a potential birth mother planned to place with the adoptive parents.
- A legal issues that comes up during the plan or placement process.
- An adoption plan is cancelled.
There are several ways to find out if Adoption insurance is available for your adoption plan. The Adoption agency or adoption attorney the adoptive parents choose may have information about adoption insurance. The adoptive parents may contact their current insurance agent or company and ask it they offer adoption insurance.
As with most insurance policies it’s important to understand how the policy works, The standard format for an adoption insurance policy should include the following policy parts:
- Coverage eligibility
- Coverage summary
- Limits and deductibles
- Waiting and coverage periods
- Extending the coverage period
- Attorney and adoption agency requirements
As with all insurance policies it’s important to review the actual adoption insurance policy you receive and check for a complete description of coverage limits, conditions, limitations, warranties, and exclusions.
In most cases adoption insurance is only offered for adoptions:
- Handled by an approved adoption attorney or an approved adoption agency.
- For the adoption of a child under the age of 2 years old.
- For adoption that take place in the U.S.
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