Once you have children, everything changes - this includes your decisions regarding your insurance coverage. While life insurance might be your first thought regarding the protection of your children, it is certainly not the only form of coverage that needs careful consideration in regards to the entire family.
Auto Insurance - Your automobile insurance will most substantially be affected when you allow your children to begin driving. While this is miles down the road, building up a relationship with a reputable company now might save you a few dollars when you need it the most. More importantly, you should be sure you have enough auto insurance to protect your home and other items of worth should you be sued following a collision. Umbrella insurance is usually a good decision if you're concerned about this level of coverage.
Health Insurance - While you might get away with minimal health insurance coverage for a time, your child's health insurance should be as comprehensive as possible. There should never be a reason to keep your child from seeing the doctor when she is ill or needs routine vaccinations. If your co-pay or deductible is too high, you might be reluctant or unable to afford routine or emergency care when you need it the most.
A quality healthcare plan for your children is likely more affordable than you'd imagine as many companies offer plans specifically for children to ensure they receive the vaccinations they need and that all children have access to quality healthcare. If you have elected to not purchase your own health insurance or struggle to pay for coverage, still examine plans for your children first.
There are many subsidized plans available or regular plans that are still very affordable. Insure your family first, and then be sure you have some level of coverage - preferable full coverage - to protect you and your family from overwhelming hospital bills should anyone, including yourself, become seriously ill or injured. Don't forget to purchase short and long-term disability insurance as well to protect your income while you are out of work due to dehabilitating conditions.
Life Insurance - Arguably the most important form of insurance for parents is life insurance. Should you die today, would your children be provided for? How much would it take today to see them through to adulthood providing for both your partner and your children to live well so that they can thrive in your absence? The number will likely be much higher than you think, and you should consider term life insurance plans as they have the most affordable rates.
With term life insurance you are buying coverage for the years that you need it and when the time is up, your payments stop. $250,000 in term life insurance might be as little as $20 a month and that might be enough to clear your outstanding balances, pay for your funeral costs and leave enough to sustain your family for a time. The more life insurance you arrange the better as it's impossible to leave your children with too much financial protection against the uncertainties of the future.
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