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Evaluating Your Insurance Needs When the New Baby Comes

When you’re expecting a new baby, the list of tasks to be completed seems absolutely endless. You’ve got to prepare the baby’s room, baby-proof the house, and arrange for your absence from work (or home if you have other children). Preparations can seem very overwhelming.

One other important preparation for the arrival of your new family member is an re-analysis of your insurance needs. Taking the time to re-evaluate your insurance coverage and requirements may not feel as exciting and fun as your both baby-prep tasks; however, you’ll be glad to know that you’ve prepared for your baby’s impending arrival fiscally, as well as emotionally. Consider these types of insurance as you look over your situation:

Life Insurance – If you and/or your spouse don’t have life insurance, now is the time to buy it. You will want to know, with all certainty, that your little bundle of joy is financially cared for if the unthinkable happens and he loses one or both of his parents. The loss of a parent is difficult enough for a child to endure, without having to worry about where he will live.

Health Insurance – Health insurance is another important necessity when you have children. Maybe you were able to get by before simply visiting the doctor once or twice a year and paying the cost out of your own pocket. Well, now that just isn’t a good option. Babies, even healthy ones, have to go to the doctor’s office a lot.

If you are fortunate enough to have health insurance, make sure you let your carrier know when your baby arrives. Odds are that he will be covered with his mother for the first thirty days. However, you’ll want to add him to the plan as quickly as possible to avoid any lapses in coverage after that initial period of time.

Disability Insurance – Having a reliable source of income is never more important than it is when you have a baby depending upon you for everything. The breadwinner(s) in your family should have disability insurance in place, just in case they find themselves unable to work. In a perfect world, you should plan to have disability coverage for short-term and long-term disabilities.

Filed under: Insurance

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