It’s a good idea to review your insurance coverage when you add to your family as you will have an additional person that is dependent on your income.
If you have coverage through your employer, check the amount. Consider increasing it if it is not enough.
If you don’t have insurance through your employer, you may want to consider getting private coverage.
Things to consider:
If possible, take out insurance coverage or increase your existing coverage before you get pregnant. Pregnancy is usually considered a pre-existing condition, so taking out insurance while you are pregnant may limit your eligibility for certain types of insurance products, such as individual life, health or disability insurance plans.
Health and dental insurance
Consider whether you have enough disability insurance to pay your bills and maintain your family’s standard of living if you are temporarily unable to work due to an injury or illness.
Life insurance can help provide for your family financially upon your death. Make sure you have at least enough life insurance to cover any outstanding debts, child care and the cost of post-secondary education.
Remember to review your insurance needs regularly. For example, you may be able to reduce the amount of your coverage once your children no longer need child care or as you pay down more of your mortgage.
FCAC’s publication, Understanding Insurance Basics , can provide you with more information.
Preparing financially for a baby
Plan ahead for the costs associated with having a baby.
New parent financial checklists
Get organized. Checklists to help you prepare financially before and after the baby arrives.
Saving for your child’s education
Get started as soon as you can to minimize potential student debt.
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