Review your insurance after having a baby

Insurance is one of these things you pay for and hope you never need. But it’s never more important than when a new baby comes along. So whether you’re protecting your family or your possessions, make sure you’re covered.

Why do you need insurance?

To answer this question, you first need to ask yourself some other really tough ones.

  • How would your family cope financially if you or your partner were to die, become seriously ill or have an accident?
  • If you’ve splashed out on essentials for your baby, could you afford to replace them if they were lost or damaged?

If any of your answers set the alarm bells ringing, then you definitely need to review your insurance and make sure you’re prepared for the unexpected.

Life insurance

Life insurance pays out a lump sum or regular income if you die to help those who depend on you. It’s often taken out by couples who have a joint mortgage but it can be useful at other times. It can cost as little as £10 a month, depending on your circumstances and the level of cover you need.

Your employer may offer it so check if it’s available and how much cover you can get.

Do you need life insurance?

Life insurance – choosing the right policy and cover

Top tip

Insurance isn’t always about finding the cheapest deal. It’s about reviewing what you need and getting the level and type of cover that’s right for you.

Case study

“Life insurance? I thought it was just something celebrities advertised on TV. But Jim picked up a leaflet from the bank and we both realised how important it was, especially now that we have Josh in our lives. It was horrible talking about what would happen if one of us died but there’s no way either of us would be able to cope financially on our own. We made a list of all our living expenses, and worked out what we’d need as a lump sum. It seemed like a huge amount but the premium was only £22 a month for both of us. The price of a take-away. It’s worth it when you put it like that.” – Angela

Income protection insurance

If you become ill and can’t work, income protection insurance replaces part of your income. Some employers provide income protection insurance as an employee benefit, so it’s worth checking whether you have any cover through work before deciding to arrange it.

Do you need income protection insurance?

Home contents insurance

If you’ve bought new things for your baby, make sure you have enough contents insurance. And don’t forget to itemise any valuable one-off items.

Do you need contents insurance?

Contents insurance – choose the right policy and cover

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