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Monday, July 23, 2012 |

Insuring for Baby

As I mentioned a few posts ago, my husband and I are expecting our first child this fall. Now that we’re more than halfway through the pregnancy, it’s time to really get serious about planning! There are things to buy, and more importantly, budgets to balance.

There’s also our insurance policies. In going from a family of two to a family of three, we’re definitely going to be adding some costs to our premiums. Even though we don’t add onto these policies until after baby is born, I’ve heard you sometimes need to notify carriers in advance, so we’re doing our homework now.

1. Health insurance. We get our health insurance through my husband’s employer, so he’ll need to reach out to them and find out what the time frame is for adding a new dependent to our plan. I’ve heard averages around 30 days following the baby’s birth. In going to a family plan, our monthly premium expenses are likely to increase by about $60 to $100. Of course, this varies, depending on your coverage.

2. Life insurance. We both already have life insurance, so we’re on the right track. When you have a baby, it’s recommended that both spouses are covered, even if one parent stays at home. However we’ll definitely need to increase our current benefits. You’ll want to consider future costs, not just baby costs. Without you around, that means everything from babyhood to college years. You can buy term (which pays out during a specified time period, and is usually the type your employer offers) or whole (which is more expensive, but accumulates cash over time) insurance if you do not currently have either.

3. Home/liability insurance. I haven’t looked into this much yet, and it doesn’t seem like it’s as urgent since our child won’t be having play-dates for a while. However, this basically protects you financially from things that happen to other people (like your kid’s friends) while in your home or vehicle. A good thing to keep in mind as BooBoo gets older.

Time to get serious about adjusting the budget, I guess!

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