Parenthood is a wild ride. Before the baby even gets here, you’ve got to figure out things like the best maternity clothes and how much it costs to have a baby. And then, once your little bundle of joy arrives? Whether you’re a first-time parent or a veteran of parenthood, the responsibilities of caring for a child are countless.
So, as you navigate the challenge that is your search for the best stroller, we’d like to add one more thing to your plate: finding the right insurance coverage for your family.
Here are 3 tips on what to review with your insurance before having a new baby:
1. Add your new baby to your health insurance
If you have health insurance through an employer, then this should be easy—just contact your HR department and ask them what steps you need to take to add the baby’s name to the policy. If you purchased your own health insurance, then contact the company that sold it to you and request them to add the new member of your family. Then check in with your doctor’s office(s) (pediatrician, OB/GYN, etc.) to make sure that they have updated their records too.
2. Consider your life insurance policy
If you have life insurance through an employer, then congratulations! Your child’s name should automatically be added to that policy at no extra cost on top of what was already being taken out of your paycheck for coverage. If not, then just let us know and we can help facilitate adding them as a dependent on your individual policy.
In most cases, you’ll need to sign up for the new level of coverage within 60 days of adding a new family member to your health plan. If you don’t enroll in the right amount of coverage, you won’t be covered if something happens during that time.
If you do not already have a life insurance policy, now is the time to get one. The biggest reason for getting life insurance is that it provides financial stability for those who you hold dear. If you have children or others who are dependent on you financially, life insurance is a must-have security net. Should you pass away unexpectedly, life insurance provides money to pay off your debts, including funeral expenses and the mortgage on your home if there is one. It can also ensure that your family will be able to maintain their quality of life without worrying about money.
3. Review your home and auto insurance policies
If you own a home, you will need to notify your insurer right away, as the presence of a new baby means that you need to ensure your home is adequately insured. This will affect how much home insurance costs in both the short and long term.
You might also want to increase your liability coverage if you decide to host playdates or birthday parties at your house.
If you do not own a home, but rent, then you should notify your insurance company immediately if a new baby will move into the household. This ensures that all of your possessions are covered and that any liability issues are addressed.
Also, make sure you’ve contacted your insurance company to amend your auto insurance policy if you’ve purchased a larger vehicle to accommodate the newest member of your family.
There is plenty you can do to get ready for a new family member and ensure your loved ones are protected. Contact us today and we will make sure that you and your family are covered!
About Ryan Ruffcorn
Ryan grew up in Keokuk, graduated from Keokuk Senior High, and started his agency in Keokuk from scratch in 2003 after having worked for one of the largest international accounting firms, KPMG, LLP.
Ryan is hardworking; his loyal and trustworthy character is exemplified by the way he does business. He thoroughly enjoys helping clients through the insurance buying process to secure coverage for their most valuable assets.