Starting a family is an exciting time and while nothing can truly prepare you for it, there are key financial planning considerations that can assist your family with the best possible start.
Where to start?
The planning starts even before falling pregnant, you should review your health insurance and explore options like baby care cover, many policies have 12 month waiting periods before you're able to access benefits.
Protect your budget
With added expenses on the way and a move to a single income, it is crucial to discuss your household budget. Should you be relying on one income you will need income protection to protect your family in the event of illness and injury.
We always hope for the best, however things can and do go wrong, make sure you have sufficient life insurance & disability cover in place to protect your lifestyle.
Thinking about life insurance isn't easy, it forces you to face your own mortality and the thought of leaving loved ones behind. Now is the time to ensure that your child is entering the world with a protection plan in place, even if the parents are no longer around. Estate planning is all about preparing for the child's life long care.
And then what?
Now your child has arrived, the baby care insurance you put in place 12 months ago will cover them for the first 12 months, but you need to consider child cover for the remaining years should they suffer a critical illness.
Don't forget your superannuation and making sure it grows while you’re not working, consider strategies such as spouse splitting.
There is so much to think about! We understand that finding the right Insurance cover for you and your family can be difficult and sometimes confusing. Contact Knightcorp Life Insurance & Wealth Management today to discuss your family planning options and recieve a free family planning information pack.
In respect of this marketing, we have provided a general advice only and not personal advice. In giving the advice we have not taken into account your personal circumstances. Always read the policy documentation, including the insurer's Product Disclosure Statement if available to ensure that the product satisfies your requirements.