Are You A New Mum Or Dad? Be Guided By These Insurance Tips
A new born in the family always brings some kind of excitement. This excitement is always accompanied by changes in your daily lifestyle and routine. With that said, have you ever thought if an additional of a new born in the family will affect your insurance policy or needs? Here are three main considerations you should make.
It’s obvious you already have some kind of home insurance in place. Alongside covering your buildings and belongings, you may also wish to think about accidental damage cover. This is at times considered as an additional cover and can take care of those fortuitous mishaps around the home which can be very expensive to put right. This kind of cover can be vital especially when there is a newborn, or a curious toddler roaming around the house.
Remember also to document all the new stuff you have purchased for your baby. Some childcare essentials such as cots and prams are quite expensive when you total their collective value. Ensure that your level of cover is adequate to cover all these additional purchases.
With a young family, you might want to consider a life insurance cover. Since you now have a child who depends on you financially, life insurance can help your family to remain financially secure in case anything happens to you.
You can opt for a joint life policy with your spouse. This would mean it insures both you and your spouse but only becomes active on a first death basis. You can also opt for two single life policies – sometimes which may be more valuable.
In case you are traveling, there is no doubt that there will be extra baby items that will be carried along. Pay attention to luggage cover limits. Can your insurer compensate you if you had to replace vital lost or stolen items?
Also be aware of cover offered for medical expenses. It is important to have an adequate amount of medical cover for your trip, to ensure your entire family is protected in case medical related costs are incurred.
Be keen as some insurance companies’ definition of “family” can be rather restrictive. Sometimes, it can only mean a husband and wife and their biological children. Nonetheless, many insurance companies have a much more inclusive and encompassing view of the contemporary family – including unmarried couples, foster children, and stepchildren in their family policies.