4 Types of Insurance You Need to Have Before Pregnancy

If you're currently planning for a new baby, insurance is likely the last thing you have on your mind. However, it's usually a good idea for you to brush up on your insurance policies between medical checkups, birthing classes, and shopping for new baby supplies. There are a few types of insurance that every new parent needs to ensure they have, both for themselves and the future of their child.

Check your health insurance first

As of January 1, 2014, all medical insurance policies will need to provide at least basic maternity services. However, this does not mean that everything is necessarily covered by your plan, nor that everything will be covered in the future. You should always check with your medical insurance provider after making the decision to have a child, as your insurance coverage may drastically affect your future financial planning. At the same time, you may want to check with your employer about maternity leave and paternal leave, and other applicable benefits.

See our complete pregnancy and maternity health insurance guide

Don't wait on life insurance

Many people procrastinate on life insurance because it is an additional expense and they feel that they can acquire it at any time. Unfortunately, life insurance often becomes necessary through unexpected events, which is why it is so imperative for someone having a child to acquire life insurance immediately. Life insurance coverage comes in two main forms: whole life insurance and term life insurance. Whole life insurance is more expensive and operates a lot like an investment account that provides insurance for the rest of your life. Term life insurance operates only for a specific term, usually 20 years, but it is less expensive. Whichever is best for you depends on your personal financial situation and stage of life.

Don't forget about disability insurance

Disability insurance can be purchased either for the general case in which you are unable to work or for the specific case that you are unable to work in your field. While many employers provide limited disability insurance, a more comprehensive insurance plan is very important for parents. A disability insurance policy will ensure that your family will be taken care of even if you or your spouse is disabled and unable to work. Even if you already have disability coverage through your employer, a personal disability policy can extend the coverage of your employer's package to ensure that you do not run out of funds while you are still recovering.

Long-term care insurance

Long-term care insurance is extremely important for everyone, not just those having children. Long-term care insurance will ensure that you're never a burden to your child by providing coverage for your long-term medical expenses. Long-term care can cost hundreds of thousands of dollars, which can eat into the inheritance you want to leave to your children, or worse, may come out of their own pockets. Acquiring a long-term care insurance policy early will make it less expensive overall.

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