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Daddy Nickell

Life Insurance: 3 Things to Consider Before Baby Arrives

Because planning for the future has never been more important.

Have you talked about the what if's yet? Chances are, you haven't. And with baby on the way, now is the most important time to consider what you'll do in case the worst ever happens.

If you're considering life insurance, or already have a policy, here are the top three things you need to discuss with your partner. Planning for the future has never been so important.

1. Do we really need life insurance?

Let’s face it, insurance is a big deal. While it might feel like you're giving money to a cause you might never need, it’s important to remember why you have life insurance in the first place: just in case the worst should happen. Think of the happiness and security you can bring to your family after you pass away (should that happen) with a good solid life insurance policy. Address the issue seriously and with commitment.

2. What type of policy should we look into?

There are many types of life insurance policies, so it's important to know what you're getting before you agree to anything. The easiest and least expensive policy you’ll encounter will be for baby; we spend around $80 a year on a policy for our children.  For a new mom and dad, it might get a bit more complicated. In my household we chose a combination of term, whole and mortgage insurance. If you're strapped for cash or running into trouble holding onto money each month, small term policies are available that will help cover the funeral expenses should either of you pass away unexpectedly–it’s better than nothing!

3. If we get insurance, what else do we need?

Once you've discussed and agreed on a life insurance policy, it’ll probably be time to take a look at your health insurance policy to make certain all the hospital expenses you’re about to incur will be covered and that you've notified the insurance carrier of baby’s arrival. Also take the time to review your auto insurance prior to bringing your new baby home; it’s very important to make sure you have all of the protection you and your growing family will need.

Though it seems scary, you will survive, and you will love every minute of it–trust me. All this preparation is just in case. And while it might not feel good to prep for the worst, later in life you'll be glad that you did. I've yet to meet a man in his 80’s who regrets the time and money he spent or worked for to care for his family!

Nickell is the founder of DaddyScrubs™, delivery room duds and daddy gear for expectant and new dads. He is the father of six children, and his practiced advice has been heard on TV and radio shows around the country.