Do Expectant Parents Need To Change Their Insurance

Expectant Parents Need To Change Their Insurance

 

Many expectant parents do not give a thought to insurance, and this is why many new parents may need more information about how to get the right cover and protection for their family. Here are some key pieces of advice.

Q DO I NEED TO CHANGE MY INSURANCE WHEN I AM HAVING A FAMILY?
A Whenever you have had significant personal or financial circumstance changes you should review your insurance program. Obviously having a first or another child is one of the biggest if not the biggest circumstance changes you can have.

Q WHAT ARE THE KEY POLICES TO CONSIDER?
A As many couples will be dropping down to one income it is vital to have an excellent quality income protection policy in place. The majority of people only have a few months of savings and their biggest asset is their ability to earn an income. Income protection pays if you can’t work due to any accident or illness.

If income protection is unaffordable then the next best product in my professional opinion is Trauma cover. This pays upon diagnosis of up to 51 conditions such as cancer, serious accident, etc. The vast majority of claims come from Income protection and Trauma cover.

Q WHAT ARE THE MOST COMMON MISCONCEPTIONS NEW PARENTS HAVE ABOUT INSURANCES?
A I can’t afford it and I’m not expecting to claim: The reality is most parents can’t afford not to have it, and a good advisor will work with you to ensure your level of cover is affordable/financially sustainable.

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