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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.

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