New Baby? A Simple Checklist for Protecting Your Growing Family
Congratulations! Somewhere between the 3 a.m. feeds and the mountain of tiny laundry, you may have had the thought: what would happen to this little person if something happened to us? It's a heavy thought, but planning for it is one of the most loving things you can do. Here's where to start, one step at a time.
Your new-parent checklist
- Life insurance for both parents, including a stay-at-home parent. Replacing childcare, household work and flexibility costs real money. Term life insurance is usually the most affordable way to cover the years your kids depend on you most.
- Make a will and name a guardian. Naming a guardian in your will tells a court who you'd want to raise your child. Without one, a court decides with no guidance from you. A lawyer can help you set this up, along with how any money for your child would be managed.
- Name a trustee for your child. Insurance money can't be paid directly to a child under 18. Without a trustee named, it may be paid into court and held until they turn 18. Naming a trustee avoids that.
- Review your income protection. A growing family means more people counting on your paycheque. Check what disability coverage you have at work, and whether it's enough.
- Start saving for their education when you're ready. A Registered Education Savings Plan (RESP) can attract government grants. There's no rush on day one, but it's worth knowing about.
You don't have to do it all this week
Pick one thing. Life insurance and a will are the two that matter most. Everything else can wait until you've had some sleep.
Frequently Asked Questions
It depends on your income, your debts and what you'd want covered, like childcare and education. We'll work out your gap together in a short conversation.
Yes. If they weren't there, the family would need to pay for childcare and more flexibility at work. That has a real cost.
It's not usually the first priority. Protecting the parents comes first. Some families do choose coverage for their children for other reasons, and we can explain the pros and cons.
Welcome to the most important job there is
Book a call when it suits you, even if that's during nap time. My name is Trevor, and I'll keep it simple, quick and pressure-free.