Expecting a baby is one of the most joyous experiences in life. However, it also imposes overwhelming changes on your finances. As you prepare your nursery, it is equally important to talk to your insurance agent to make sure your coverage reflects the change in your growing family. This is not only to provide security to this beautiful addition to your family but also to free or ease yourself from many financial responsibilities that come along with it.
Health Insurance
Expenses incurred when having a baby doesn’t start when the baby is born. In fact, the moment that you know you are pregnant, medical expenses also starts. Prenatal care can get expensive depending on your physical condition. Knowing what tests to get throughout the pregnancy and the drugs that you need to take are important so you will know the appropriate health insurance that you need to have.
Having a birth plan will also help you get the most of your insurance coverage. At the onset of pregnancy, it is great to have your birth plan ready so you can inform your Insurance company of the estimated childbirth expenses based on your birth plan. If you want to give birth to a birthing home, hospital, or home birth.
Postnatal care must also not be overlooked upon. Giving birth comes with complications. Having postnatal care inclusions on your health insurance will free you of any stress in regards to hospital bills, and just focus on getting well.
Also, you must review your coverage and make sure you understand how your plan covers your new family member and neo-natal tests, and pediatric care for your newborn.
Notify your insurance carrier. Generally, health insurance carriers ask that a newborn be added to a policy within 30 days of birth.
The birth of a baby is considered a life event, and you are allowed to enroll the baby at birth instead of waiting for open enrollment to begin.
If your family has multiple benefit options, compare health insurance choices to see which provides the best match for the needs of your family.
Look at copays and coverages for both children and parents. Depending upon your specific plan, you may have access to health savings accounts or flexible spending accounts, which can provide valuable tax advantages.
Life Insurance
As you plan for your revised life insurance needs, you must consider the expenses of a new child, including housing, daycare costs, medical needs, and education. Both spouses should be covered, even if one is a stay-at-home parent, and remember to keep your policy current. It is advisable to name a trustee to handle the policy benefits if your child or children are under 18 years old.
It is also important that you understand the types of life insurance available, and that you consider the inclusions and exclusions of whole life insurance as opposed to term life insurance or universal life insurance:
Whole Life Insurance – These policies build cash value and also pay a death benefit that has a more expensive cost. However, your policy may not be economical for you anymore when your kids are grown and starting their own life. During this time, you may not need the insurance coverage you need when your children are small. One option is to purchase a term life insurance with a conversion option to switch to a whole life policy for a fee when ready.
Term Life Insurance – These policies offer death benefit protection for a specific time, and term life premiums get larger as you age. It is practical to get Term Insurance for a period until your child comes of age. To get the best from your insurance, you have to take into consideration the expenses of having a child. As mentioned, that would include additional daily living expenses, a child’s college education, and other incidental needs. Also, having the option to convert Term Insurance to Whole Life Insurance is a great option, so you can still continue your Insurance Coverage without paying a higher insurance premium.
Universal Life Insurance– These policies include features of both term life insurance and whole life insurance. Typically, your premium payments cover the actual cost of the insurance, and the balance of the premium payment is invested to cover the increasing cost of insurance as you age.
Universal Life Insurance tends to be more complicated than Term or Whole Life, so work with us to understand the finer points.
Having a baby can totally change your whole life in a good way. This will include the need to reassess your property and vehicles.
You may want to trade your Tesla for a minivan or an SUV. Your insurance rates can get higher or lower depending on the costs of your preferred vehicle. So you may first want to compare the costs associated with upgrading or upsizing your vehicle before buying. If you plan on carpooling with other parents, you may wish to increase your liability insurance in case of a car accident that affects other children.
Planning for this addition to your family may take you into buying a new house or making major improvements to your house. Whichever you decide, you need to talk to your homeowner’s insurer to ensure proper valuation of the property and not get underinsured.
Being parents, we love to provide for the needs and wants of our children. This will include all these play activities that we want them to have. Many parents overlook the changing insurance needs that arise from the installation of backyard items for kids, such as a jungle gym, swimming pool, or trampoline. You might consider adding an umbrella policy, which will protect you if a person is injured while on your property.
You also want your home inventory to be updated. All these things that parents buy that they think their baby needs – a cot, cabinets, dressers, changing tables, a rocking chair, car seats, and the likes are not cheap. These can be expensive and you want to include these in your inventory in the case of any fortuitous events such as fire, flood, hurricane, or even robbery.
There are so many expenses that come along with having a baby. Money can be scarce, but you can always prepare and be financially ready with proper planning and insurance coverage.
Talk to us today. We can help you develop a plan that meets your needs and financial objectives.
To find out more about Whole Life Insurance and to get a free and confidential quote, call the professionals at BBIFinancial at (800) 958-1525 during normal business hours or contact us through our website www.BBIFinancial.net more information.
Expecting a baby is one of the most joyous experiences in life. However, it also imposes overwhelming changes on your finances. As you prepare your nursery, it is equally important to talk to your insurance agent to make sure your coverage reflects the change in your growing family. This is not only to provide security to this beautiful addition to your family but also to free or ease yourself from many financial responsibilities that come along with it.
Health Insurance
Expenses incurred when having a baby doesn’t start when the baby is born. In fact, the moment that you know you are pregnant, medical expenses also starts. Prenatal care can get expensive depending on your physical condition. Knowing what tests to get throughout the pregnancy and the drugs that you need to take are important so you will know the appropriate health insurance that you need to have.
Having a birth plan will also help you get the most of your insurance coverage. At the onset of pregnancy, it is great to have your birth plan ready so you can inform your Insurance company of the estimated childbirth expenses based on your birth plan. If you want to give birth to a birthing home, hospital, or home birth.
Postnatal care must also not be overlooked upon. Giving birth comes with complications. Having postnatal care inclusions on your health insurance will free you of any stress in regards to hospital bills, and just focus on getting well.
Also, you must review your coverage and make sure you understand how your plan covers your new family member and neo-natal tests, and pediatric care for your newborn.
Notify your insurance carrier. Generally, health insurance carriers ask that a newborn be added to a policy within 30 days of birth.
The birth of a baby is considered a life event, and you are allowed to enroll the baby at birth instead of waiting for open enrollment to begin.
If your family has multiple benefit options, compare health insurance choices to see which provides the best match for the needs of your family.
Look at copays and coverages for both children and parents. Depending upon your specific plan, you may have access to health savings accounts or flexible spending accounts, which can provide valuable tax advantages.
Life Insurance
As you plan for your revised life insurance needs, you must consider the expenses of a new child, including housing, daycare costs, medical needs, and education. Both spouses should be covered, even if one is a stay-at-home parent, and remember to keep your policy current. It is advisable to name a trustee to handle the policy benefits if your child or children are under 18 years old.
It is also important that you understand the types of life insurance available, and that you consider the inclusions and exclusions of whole life insurance as opposed to term life insurance or universal life insurance:
Whole Life Insurance – These policies build cash value and also pay a death benefit that has a more expensive cost. However, your policy may not be economical for you anymore when your kids are grown and starting their own life. During this time, you may not need the insurance coverage you need when your children are small. One option is to purchase a term life insurance with a conversion option to switch to a whole life policy for a fee when ready.
Term Life Insurance – These policies offer death benefit protection for a specific time, and term life premiums get larger as you age. It is practical to get Term Insurance for a period until your child comes of age. To get the best from your insurance, you have to take into consideration the expenses of having a child. As mentioned, that would include additional daily living expenses, a child’s college education, and other incidental needs. Also, having the option to convert Term Insurance to Whole Life Insurance is a great option, so you can still continue your Insurance Coverage without paying a higher insurance premium.
Universal Life Insurance– These policies include features of both term life insurance and whole life insurance. Typically, your premium payments cover the actual cost of the insurance, and the balance of the premium payment is invested to cover the increasing cost of insurance as you age.
Universal Life Insurance tends to be more complicated than Term or Whole Life, so work with us to understand the finer points.
Having a baby can totally change your whole life in a good way. This will include the need to reassess your property and vehicles.
You may want to trade your Tesla for a minivan or an SUV. Your insurance rates can get higher or lower depending on the costs of your preferred vehicle. So you may first want to compare the costs associated with upgrading or upsizing your vehicle before buying. If you plan on carpooling with other parents, you may wish to increase your liability insurance in case of a car accident that affects other children.
Planning for this addition to your family may take you into buying a new house or making major improvements to your house. Whichever you decide, you need to talk to your homeowner’s insurer to ensure proper valuation of the property and not get underinsured.
Being parents, we love to provide for the needs and wants of our children. This will include all these play activities that we want them to have. Many parents overlook the changing insurance needs that arise from the installation of backyard items for kids, such as a jungle gym, swimming pool, or trampoline. You might consider adding an umbrella policy, which will protect you if a person is injured while on your property.
You also want your home inventory to be updated. All these things that parents buy that they think their baby needs – a cot, cabinets, dressers, changing tables, a rocking chair, car seats, and the likes are not cheap. These can be expensive and you want to include these in your inventory in the case of any fortuitous events such as fire, flood, hurricane, or even robbery.
There are so many expenses that come along with having a baby. Money can be scarce, but you can always prepare and be financially ready with proper planning and insurance coverage.
Talk to us today. We can help you develop a plan that meets your needs and financial objectives.
To find out more about Whole Life Insurance and to get a free and confidential quote, call the professionals at BBIFinancial at (800) 958-1525 during normal business hours or contact us through our website www.BBIFinancial.net more information.