Having a child is a huge responsibility, but it can also be one of the greatest things to happen in your life. Not only do you get to build your family, but you get to bring someone into the world and watch them grow up and become their own person. If you are expecting your first child soon, congratulations! We understand the challenges that come along with the joys of parenthood, and want to help you prepare. Here’s a checklist to help keep track of some important plans to put in place before welcoming your new bundle of joy to the world.
Set Up Life Insurance Before Your First Child Arrives
Having a child means you now have someone who is completely dependent on you, which is no doubt a hefty responsibility. Not only are you in charge of diapers and feeding time, but you are also responsible for protecting their future if tragedy were to strike you or your spouse. Life insurance makes sure that even if something happens to you, your child and the rest of your family won’t have to add finances to the list of hardships faced during that time. While you certainly hope to never need to use it, you would not want to be without it if the worst would happen.
Establish A Will Before Your Baby Is Born
Another important consideration for preparing for your first child is setting up your will. A will is a legal document that outlines what should happen to your money, property, and belongings when you die. For new parents, a will is especially important because it also sets up who will care for your child if something happens to both parents, and how your money can be passed down to them. It even can spell out what should happen to your remains, and your wishes for your funeral service.
Of course, we hope that you don’t need to use this document for a long time. But if you don’t have a will established, it can create problems with how things get passed down to your children, and if both parents die, your wishes for who takes care of your children might not be followed. In the event that there is no will set up for your passing, your children’s financial security and well being may be left up to state laws, which may differ from what you want. Having a will and setting it up early ensures that your wishes are followed, and you can plan to protect your children long after you are gone.
Prepare Health Insurance Coverage For Your New Baby
While the birth of your child can be an exciting time, it is no doubt stressful—and expensive too! While your own health insurance will cover most costs associated with childbirth for both the mother and the baby, your child will soon need to be added on to ensure future coverage. In most cases, childbirth is a qualifying event, which means that you can add them on before you renew your plan. But don’t wait. Make sure that your baby’s health expenses are covered sooner rather than later to prevent costly bills later on.
Other Considerations For Becoming A Parent
This list is certainly not exhaustive. Becoming a parent is a lot of work, and the list of things you’ll need to prepare could go on for miles. Here are just a few more other things to consider for the arrival of your newborn:
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Budget for baby expenses
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Find a reliable doctor for both mom and baby
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Begin saving for their college and future
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Seek advice from other parents
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Connect with other expecting parents like you
See How Strickler Can Help You Prepare For Your First Child
With four generations of great service, Strickler knows what it means to be a family. Let us help protect yours! While we can’t help build a crib or change diapers, we can certainly help with life insurance and any other coverage you need to protect your child’s future. Contact us today to get started!
