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One of the most wonderful yet daunting experiences, having a baby can add meaning and purpose to your life in many unexpected ways. At the same time, a growing family also means a growing list of expenses. As you are cradling your brand-new baby, picturing the various milestones it will reach in the near future, the possibility of you not being around to witness these may seem highly unlikely. Insurance is probably the last thing on your mind, however, life can take an unexpected turn. Should something happen to you, your spouse and children may face financial difficulties and this alone serves as an excellent reason why insurance should be high on your priority list. Here is what you need to know about coverage for new parents and how it can protect your loved ones no matter what.
While life insurance may not be as exciting as other items on your baby’s registry, making sure that your family is covered with adequate insurance is a critical step in ensuring that you child gets the best start in life should you no longer be there to provide for your family. Offering coverage for the first 6 months up to your baby’s first birthday, as the name implies, this type of insurance is designed to provide your loved ones with a sum of money that can be used to pay bills and other expenses, any inheritance taxes or it may be reserved for a rainy day. Purchasing life insurance at such a busy point in your life may appear to be overwhelming, but it does not need to be. Most providers can get you on board easily and fast since the entire process can take place online. At the same time, contrary to what you may have thought, insurance for new parents is not that expensive, since many offer free premiums. What’s more, the benefit paid to your spouse in case of death is free from tax under current legislation, which means that they can rely on the full amount to be paid directly to them.
One of the most obvious factors to keep in mind is that kids are expensive to raise. When thinking of a child’s first year things like baby equipment, formula, nappies and doctor’s appointments spring to mind. However, other things such as utility bills and petrol for your car still need to be covered, while specific spending that is set to come down the line carries a hefty fee, so much so that you might have to start saving from now for it. Could your partner handle all of the child-related costs if you were unexpectedly gone tomorrow? Here are some factors to keep in mind when considering whether you need life insurance or not:
Whereas no insurance coverage can replace you, protecting your family and child during its first year of life is the very foundation to successful financial planning. If you are on the hunt for this specific type of insurance, you will quickly realise that not many providers offer this. CC’s Free Life Insurance for New Parents is there to help make things a little bit easier for those you would have left behind and establish your child’s financial security. Have a look at our full range of life insurance protection plans that will cover your other needs.
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