Nine months sounds like plenty of time to plan for your new baby's arrival until it's you who is doing the planning. After the initial shock and celebration of your expanding family, there is still a lot to get accomplished. Here are just a few things to put on your to-do list, including several financial matters that you'll want to address.
Your Expectant Parents To-Do List
A lot of what you'll do in the months leading up to your child's birth is exciting. You get to pick out birth announcements and decorate a nursery in your home. Picking out and buying baby clothes and other pint-sized items can become addictive.
A few of the items on your list that might seem more like chores are more frequent doctor's visits and finding ways to deal with hormones and discomfort. Aside from all of the errands that you'll be running, you will also want to review your financial matters.
Financial Consideration for Your New Baby
As you get ready to invite that warm bundle of joy into your life, you might want to sit down with your budget and financial plan. Having a baby isn't cheap, whether it's the process itself or what comes next.
Review your health insurance and figure out how much your entire pregnancy and delivery will cost. If you're not sure, call your insurance company for an estimate. If you plan to take time off of work, inquire about your company's policy for paid maternity leave and make plans to replace any lost income.
Once your baby is born, your monthly costs are going to be different than they were before. You'll need to add such things as baby food, diapers, and child care to your budget. Also add your child to your health insurance policy right away and start saving for a rainy day. Another thing that you can't begin saving for too early is college.
Provide Lasting Protection for Your Child
When you have a child, everything changes. You want to make sure that your child is provided for and protected for years to come, whether you are around or not. This is why estate planning is so important. Having a will drawn up or adjusting your current will is essential to make sure that your child is protected. If you have any existing insurance policies, be sure to adjust your beneficiaries every few years so that they reflect your wishes.
If you don't have life insurance protection yet, the birth of a child is the perfect time to buy a life insurance policy. This affordable protection will provide your spouse and child with some valuable benefits. A term life insurance policy can replace lost income, pay burial expenses, and cover the cost of education.
Life insurance protection is surprisingly affordable and simple to purchase. Contact us to complete a simple needs assessment or to request a quote now.
Knowledge is power. The more you know, the easier it is to make an intelligent choice. Everyday life, as well as certain events and circumstances, require you to make choices. And peace of mind is gained when you feel good about the decisions you make.
When it comes to life insurance, IntelliQuote is there for you to make the intelligent, well-informed choice. From term life insurance to universal life insurance and final expense insurance, we make it easy for you to compare, shop and save. Get multiple quotes now and make the intelligent decision for Life.