Expecting A New Baby: Three Changes To Your Insurance You Should Consider

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Avoiding Renter's Regret: Understanding Renter's Insurance Coverage

Moving into my first apartment brought along a whole series of new experiences. I didn't realize that the property insurance my landlord carried wouldn't cover my belongings. I was lucky to find out before anything happened, and I spent a lot of time researching the difference between renter's insurance and the property coverage for landlords. I built this site to share all of the information that I learned, including the insurance coverage best practices I picked up along the way. If you're new to renting and don't have any renter's insurance, I hope the information here helps you to see how it could benefit you and what you need to do to get it.


Expecting A New Baby: Three Changes To Your Insurance You Should Consider

12 September 2016
 Categories: Insurance, Blog

A new baby will change your life in many ways, and you will probably do a lot of planning to prepare for the happy arrival of your little one. As you get ready for your new baby, take some time to consider any changes you might want to make to your different insurance policies. Here are three things to consider.

Get A Discount On Car Insurance

If getting a new baby means buying a new family vehicle, you may be entitled to a discount on your car insurance. Different types of cars carry with them different risks for insurance carriers, and responsible family vehicles, such as minivans, can equal significant savings over a sportier car. Talk to your insurance carrier before you purchase a new car for your growing family to see which vehicles will qualify for better insurance premiums, and use this information to help select your a vehicle. 

Invest In Life Insurance

If you and your spouse don't already have life insurance, now is the time to consider purchasing policies for the both of you. A life insurance policy can help to take care of your child should something ever happen to one or both parents, which can relieve some of the financial burden that comes with losing a caregiver. If you already have policies, talk to your insurance carrier about increasing the benefit amount. You may want to consider doing this every time your family welcomes a new baby so there is an adequate amount of money available to care for all of the children.

Insure Your Child

While some new parents might not want to think about it, purchasing a life insurance policy for your children at birth can make good financial sense. A whole life policy can pay out dividends, which can in turn earn interest. The dividends can also be used as payments your can use for your child. These payments can come in handy when your child goes off to college. Purchasing a policy early also means your child's coverage will remain in effect even if he or she develops a serious medical condition. The whole life policy can follow your little one through childhood and into adulthood, so he or she is already prepared for starting a family later on.

You may also want to consider getting all of your policies from the same carrier, as you may be able to enjoy a multiple line discount. Talk to your insurance agent about your growing family, your financial goals and the different insurance options available to you.