New Baby? It Might Be Time For A New Policy

There’s a new baby in your life, and you couldn’t be happier. You’re not the only one celebrating. July, August and September are the highest recorded birth months in the US, according to the National Center for Health Statistics.

In the excitement over the newest family member, updating your insurance might not top the “to-do” list.  

But right now is the time to slow down and make sure your insurance is ready to protect your newborn.

What Needs To Change?

Having a child means changes to your existing insurance policies, and maybe picking up some new ones.

• Life insurance.
  If this is your first child, it may also be your first time considering life insurance. Even experienced parents don’t always give life insurance much thought after a birth. According to the Insurance Information Institute, a third of families with a new baby — that’s 5 million households — haven’t made updates to their life insurance policies.
  
  Now that you have a newborn depending on your steady paycheck, you need life insurance to make sure they’re always taken care of. And life insurance isn’t just for the breadwinner. Stay-at-home parents should get enough coverage to pay for childcare.

• Disability insurance.
  If a sudden injury or illness left you unable to work, how long could your family live comfortably? Experts recommend having disability insurance that covers at least 60% of your current income.

• Health insurance.
  As a new parent, you’ll be making frequent trips to the doctor’s office for everything from vaccinations to the sniffles. It’s important to have coverage for your family’s basic healthcare needs.
  
  Employer-sponsored coverage is often cheaper than buying a plan on your own, but these days fewer and fewer offer it. But don’t rule out insurance just because your employer has — a health insurance agent can help you review your options.

Not Sure What To Do? Talk To Your Agent.

You should be starting a lifetime of new memories with your baby — not stressing out about insurance. That’s where your agent can help.

“To make the most of your insurance dollars, it is very important that you let your insurance agent or company representative know about alterations to your home and other major events in your life,” says Jeanne M. Salvatore, senior vice president of the Insurance Information Institute.

Your agent can help you sort out your insurance to fit your new family. If you don’t have one yet, look for one that sells health, life and disability. You’ll get the convenience of working with just one person. And they may be able to bundle some of your policies together for added savings.