It's finally here—the moment you've been waiting for. Your baby has arrived, and now, you're a parent. Suddenly, life is different. Everything has changed.
Undeniably, having a baby fills you with an amount of love you never knew possible. Quite instantly, they become the center of your world.
Often, these feelings come with the motivation to prepare for the future—to give them the best life that's possible. (It's funny how someone who's only a few pounds can have such a weight, right?) Whether it's a bigger car or a bigger life insurance policy, there are important decisions to be made, and they can start as soon as today.
As you settle in to parenthood, remember to:
- Reconsider your car. Traveling with a baby means traveling with a bunch of baby's things. And while the baby is small... their stuff usually isn't. Having a baby means having a bigger car, and buying one of the Institute of Highway Safety's Top Safety Picks could actually lower your car insurance premium.
- Rethink your car insurance. Think you'll drive less often? Think you'll be more safe? If it makes sense for you, choosing a higher car insurance deductible could help cut costs.
- Get your car seat inspected. To keep your baby safe in their seat, the National Highway Traffic Safety Administration has designated car seat inspection stations all across the country. Just stop in, and a certified technician will see if it checks out. (And usually, they'll do it for free.)
- Become a baby-proofing professional. Latch the cabinets and plug the outlets. To get your home ready for a little one, the list is long, but necessary.
- Invest in life insurance. If you don't have it yet, there's truly no better time than now. There's a person who's entirely dependent upon you now, and they'll be that way for quite a while. If something happened to you, what would they do? Could your family face the future financially?
- Consider whether or not your spouse needs life insurance, too. Whether they're the main earner or your salaries are evenly split, you probably want to cover the cost of any income that's lost. If your spouse doesn't work, but stays home to take care of your child, think about the effects of suddenly having to pay for childcare. If it would lead to any financial strain, you should strongly consider life insurance.
- Add a beneficiary. Likely, you already have your spouse listed as a beneficiary. But, if something happened to both of you, your child wouldn't be covered. Add their name to your life insurance policy, just in case the unthinkable ever happens.
- Talk to your insurance agent about child life insurance. Child life insurance is a coverage option that's available, but it's not always necessary. Usually, a policy is only purchased if the parents wouldn't have enough money to cover the funeral expenses, if they ever needed to. One hundred percent understandably, it's a situation no parent wants to put thought to... but still, it's an important thing to think about.
- Write your will (or adjust it). When you pass, who will get what? What will go to whom? Think long and hard about your earthly possessions, then pick the people you'd like to leave them to.
- Choose a guardian. If you and your spouse were to pass away unexpectedly, who would care for your child? Likely, a few of the most important people in your life come to mind, but which ones would be best? Who could give your child the best life, if you couldn't?
- Start a savings fund. Having a special savings account just for your child will come in handy when it's time to start paying for their education.
Questions about your new insurance needs? We can help. Please call one of our agents to discuss your individual situation.