Becoming a parent for the first time is unlike any other experience life has to offer. Suddenly, all of your priorities shift to make room for the tiny little human being that’s cradled in your arms.
There’s so much to consider in your first few months of parenthood. You have to apply for a social insurance number for your child, start a Registered Education Savings Plan (RESP), perfect your parenting skills, practice crib safety, and develop a sleeping and eating routine.
The craziest part? That’s just the beginning!
As you transition into your role as a parent, one of the most important steps you can take is making sure your child is protected in the event that something happens to you. It’s not exactly the type of thing you want to think about during the exciting first days of your role as Mom or Dad, but it’s essential that you do.
Things New Parents Should Consider:
- Both parents should be insured
It is a common misconception that only the money-maker of a family needs to be insured. However, this is not the case. Even if one parent stays at home, they provide care and services that the remaining parent would have to pay to replace in the event that they passed away. It’s important to determine how extra expenses such as these will be taken care of in the event of a death.
- Good timing can save you money
The older you get, the more expensive life insurance policies become. By starting yours now, you can save yourself money in the long run.
- Your workplace policy may not be enough
While having insurance through your employer is undoubtedly a good thing, the amount you’ll get paid out isn’t always equal to the amount your family will need. Typically, you get paid twice your base salary. When you factor in funeral expenses, paying off debts, bills, etc. that sum doesn’t stretch as far as you might think. Also, when you leave your job, your policy is no longer in place. This leaves you vulnerable in-between jobs and you’re always starting a new policy, at new rates, at your next place of employment. You’d likely save money by going with your own insurance policy and locking into a consistent rate.
- Your baby is cute, but also expensive
The average parent spends nearly $250,000 to raise their child. Do you think your spouse could handle that financial responsibility on their own? Most parents couldn’t. And while it isn’t necessarily pleasant to think about, accidents can happen at any time. The sooner you have a policy in place, the less either of you have to worry about becoming a single parent and footing the financial costs all alone.
- It’s worth it
What else can we say? Your child’s future and well-being is always worth the investment. Knowing that they are protected no matter what life throws your way is a peace of mind that cannot be compared to any other kind. In an ideal world, your child will never need to take advantage of your policy. But without it, your family could face twice as much anguish in your absence.
Are you ready to put a policy in place that protects your child’s future? Give us a call today!
Our insurance brokers will get you the best available price and aren’t satisfied until you have coverage that works for your family.