Insurance and Finance

Adding to your family? Add coverage.

By James Mayfield 3.24.14

A new baby changes everything, including your family’s insurance needs. So between the baby showers and showing off the sonograms, take a few minutes to re-examine your coverage. Here are a few things to consider:

Health Insurance

If you’re married and you both have health insurance through work, look over the policies to determine which offers the best family value for your dollar. It might make sense to cover the entire family under just one policy. And know that many providers require notification within 31 days after the birth or the adoption of a child — the insurance will be retroactive.

Life Insurance for Parents

If it would be difficult to maintain your lifestyle on your savings or on just one parent’s income, make sure you’re both insured. Don’t discount the value of a stay-at-home parent. His or her contributions to childcare and managing the home have real value.

Life Insurance for the Child

When you buy insurance when your child is young, you guarantee that child the ability to secure coverage as an adult, even with a newly diagnosed condition that might otherwise render him or her ineligible. And buying as early in the child’s life as possible is more cost-effective.

Disability Insurance

For those between the ages of 35 and 65, it makes sense to insure your earning power. You’re much more likely to become disabled than to die.

Renter’s Insurance

Renter’s insurance can help cover your material possessions after a covered emergency, as well as temporary living expenses — a must with a newborn baby.

Homeowner’s Insurance

Not only will your little one be safe and sound if you are forced out of your home during an emergency, but your home and contents will be protected, too. Your policy will also address accidents, crime, and personal liability