Expecting a baby is one of the most joyous experiences in life. As you prepare your nursery, don’t forget to talk us to make sure your coverage reflects the change in your growing family. Below are a few pointers.
Before your baby is even born, review your coverage and make sure you understand how your plan covers your new family member, as well as the mother’s needs during pregnancy. Think about prenatal vitamins, prenatal screenings and neo-natal tests, delivery of your baby, and pediatric care for your newborn.
Notify your insurance carrier. Generally, health insurance carriers ask that a newborn be added to a policy within 30 days of birth.
The birth of a baby is considered a life event, and you are allowed to enroll the baby at birth instead of waiting for open enrollment to begin.
If your family has multiple benefit options, compare health insurance choices to see which provides the best match for the needs of your family.
Look at copays and coverages for both children and parents. Depending upon your specific plan, you may have access to health savings accounts or flexible spending accounts, which can provide valuable tax advantages.
As you plan for your revised life insurance needs, you must take the expenses of a new child into consideration, including housing, daycare costs, medical needs and education. Both spouses should be covered, even if one is a stay-at-home parent, and remember to keep your policy current. It is advisable to name a trustee to handle the policy benefits if your child or children are under 18 years old.
It is also important that you understand the types of life insurance available, and that you consider the plusses and minuses of whole life insurance as opposed to term life insurance or universal life insurance:
Whole life insurance — These policies build cash value and also pay a death benefit that has a more expensive cost. One option is to purchase a term life insurance with a conversion option to switch to a whole life policy for a fee when ready.
Term life insurance — These policies offer death benefit protection for a specific time, and term life premiums get larger as you age. Therefore, it is less expensive in younger years than whole life insurance, which covers you for your entire life and usually has stable premiums.
Universal life insurance — These policies include features of both term life insurance and whole life insurance. Typically, your premium payments cover the actual cost of the insurance, and the balance of the premium payment is invested to cover the increasing cost of insurance as you age.
Universal life insurance tends to be more complicated than term or whole life, so work with us to understand the finer points.
Auto and homeowner’s insurance
Some families like to buy bigger vehicles such as SUVs or mini-vans upon the birth of a child, but this can affect premiums significantly. Check insurance rates before upgrading vehicles.
If you plan on carpooling with other parents, you may wish to increase your liability insurance in case of a car accident that affects other children.
If you build an addition onto your home, make sure to notify your homeowner’s insurer of major changes to prevent being underinsured.
Many parents overlook the changing insurance needs that arise from the installation of backyard items for kids, such as a jungle gym, swimming pool or trampoline. You might consider adding an umbrella policy, which will protect you if a person is injured while on your property.
And don’t forget to document all of the new baby-related items in your home inventory. Keeping your home inventory up-to-date will protect from perils such as fire, theft or windstorm.
BGES Group, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are ARE THERE to help YOU!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
e-mail: bgesgroup@gmail.com
website: http://www.bgesgroup.com
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