Insurance tips for new parents

Bringing a child into your life can be a joyous occasion, but it also means a new level of responsibility. If you’re preparing to be a new parent, don’t forget to consider your changing insurance needs. Here are things to consider with three types of insurance:

1 Health Insurance FileName

  • If you already have health insurance, notify your insurance company right away about the new members of your family. Most companies let you make enrollment changes when a child becomes part of the household, but your insurer may have requirements for how and when you let them know.
  • If you don't have health insurance check out TexasHealthOptions.com to learn about your options and how to compare plans. Health insurance can help for both medical emergencies and preventive care like shots and well-child visits.

2 Homeowners Insurance

  • If you suddenly needed more space, notify your insurance company about any additions or other home improvement projects. This will help prevent you from being underinsured.
  • Don't forget the backyard. Let your insurance company know if you add any big backyard features like swings, a trampoline, or a swimming pool. You might need to consider raising your liability coverage -- in case someone gets hurt while on your property.

3 Life Insurance

  • When shopping for life insurance consider not only your income, but also your child's ongoing needs, from housing and education to medical care or other special needs.
  • Consider covering both parents with life insurance, not just the primary earner. In the event of a parent's death you may have additional expenses for child care and other household needs.
  • If you already have life insurance, be sure to update your policy to include your children as beneficiaries. You might also consider naming a friend or relative as a trustee or custodian. They can help handle financial decisions until your children are old enough to take over.

 

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Last updated: 08/03/2017

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