Top Insurance Tips for New Parents

by | Jan 25, 2024 | Independent Insurance Agency


The arrival of a new child is one of life’s most joyful moments. As you prepare to welcome your new child, either through birth or adoption, it’s natural to feel overwhelmed with emotion and focused on the exciting journey ahead.

But it’s also important during this time to review your insurance coverage and make any needed updates or changes. After all, you want to make sure your quickly growing family is fully protected.

This blog outlines the top insurance tips for new moms and dads so you can make sure your family is fully protected.

Essential Insurance Tips for New Parents

Evaluate and Update Life Insurance Coverage

One of the most important insurance moves when you have a new child is evaluating your life insurance coverage.

If something were to happen to you or your spouse, life insurance provides money your family could use for expenses like paying off a mortgage, paying your child’s future college tuition, or paying for your spouse’s lost income.

The rule of thumb is to have enough life insurance to replace 10-15 times your annual income when you have dependents. Some policies allow you to adjust the length of coverage as your needs change over time.

Be sure to discuss your life insurance options with an insurance agent. The right policy can provide peace of mind that your child will be taken care of financially.

Read also: Things to Know About Getting Life Insurance for Your Child

Add Your Child to Your Health Insurance

You will need to get health insurance coverage for your new addition. In many cases, you can simply add your child to your existing health insurance policy.

Make sure you understand what the coverage includes, what the deductible and out-of-pocket maximums are, and what copays apply for pediatrician visits.

Also, ask about your insurance provider’s approved pediatric clinics and hospitals so you know where to take your little one.

You can also explore options like the Louisiana Children’s Health Insurance (CHIP), which provides no-cost coverage for children in families who meet the criteria. Knowing your health insurance coverage will ensure your child has access to all the medical care they need.

Assess Auto Insurance Needs

Be sure to update your auto insurance coverage. Contact your insurance provider to add any new vehicles, like a family car, to your policy so you have proper coverage for all cars in your household.

You should also consider increasing your liability limits now that you have a child dependent on you.

Higher liability limits provide more protection in the event an accident occurs that causes injuries or damage.

Re-Evaluate Income Protection

In addition to protecting your family with the proper insurance coverage, you also need to protect your income as a parent. Look into disability insurance, which replaces a portion of your income if you become too injured or sick to work.

Maintaining an emergency fund with 3-6 months of living expenses is also recommended.

The amazing journey of parenthood is filled with so much joy. Taking the time to review these insurance tips on updating your coverage means one less thing new moms and dads need to worry about.

Contact TSL Insurance Group, your insurance agency in Abbeville, Lafayette, Baton Rouge, Lutcher, and Franklin, today to make sure your family is fully protected as you embark on this exciting new chapter of life!

Our dedicated insurance professionals serve families across Louisiana. We have over 50 years of combined experience tailoring insurance solutions for our neighbors throughout the state.

Whether you need guidance reviewing life insurance, home insurance, or auto insurance, our team is here to help provide peace of mind. Reach out to our local insurance agency so we can ensure your family is fully covered.