Subscribe to our newsletter for monthly financial tips:

Proud Parents

Schedule a Free Consultation Learn About Our Services

Katy Certified Financial Planner - Financial Planning  - Newborns and Insurance Policies

A newborn brings many changes to your household, including insurance.

Health – Add your baby to your medical policy within 30 days of birth.  Otherwise, many policies require you to wait until the next enrollment period.

Life – Boost coverage to take into account the future cost of raising your child, including college.  Provide coverage for a stay-at-home parent, too. When calculating your insurance needs, consider inflation.  At a 4 percent annual rate of inflation, a $100,000 life insurance policy will buy only $67,600 of goods 10 years from now.

You may want to use your will to create a trust with your children as beneficiaries in order to manage the life insurance proceeds (and other assets) in the event both parents die while the children are still young.

Other – Review your other policies.  For example, your auto insurance may cost less if a spouse who previously drove to work every day is now staying home with your child.

Return to Risk Management Page

Please use the form below to contact us.

Best Time To Call