Molyneaux Insurance
  • The Molyneaux Way
    • Trumps and Tricks Euchre Event
    • ClearPath™
    • Our Team
    • Privacy Policy
  • Business
    • Employee Benefits >
      • Education and Compliance
      • Share to Compare
    • Risk Management
    • Claims Management
  • Industries
    • Franchises and Associations
  • Personal
  • Contact Us
  • Careers
    • Open Positions
  • Blog
  • The Molyneaux Way
    • Trumps and Tricks Euchre Event
    • ClearPath™
    • Our Team
    • Privacy Policy
  • Business
    • Employee Benefits >
      • Education and Compliance
      • Share to Compare
    • Risk Management
    • Claims Management
  • Industries
    • Franchises and Associations
  • Personal
  • Contact Us
  • Careers
    • Open Positions
  • Blog

​Molyneaux ​Blog

Review your insurance needs when expecting a baby

10/2/2019

 
Expecting a Baby
Expecting a baby is one of the most joyous experiences in life.  As you prepare your nursery, don't forget to review your insurance to make sure your coverage reflects the change in your growing family.  Below are a few pointers. 
​
Health insurance

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.

Life insurance

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 pluses and minuses of each type:

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 under-insured.

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. 

Comments are closed.

    Categories

    All
    COVID 19
    Cyber Security
    Directors And Officers
    Employee Benefits
    News
    Personal Insurance
    Property And Casualty
    Risk Management
    Trumps & Tricks
    Wellness
    Workers Compensation

    Archives

    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    November 2017
    September 2017

Company

About Us
Our Team
​Trumps & Tricks
Testimonials
Careers
​News
Privacy Policy

Services

​Commercial Insurance
Risk Management
Employee Benefits
Group Health Insurance

Retirement Benefits
​Personal Insurance

Industry Specialization

Contact Molyneaux

​​5025 Utica Ridge Road
Suite 100
Davenport, IA 52807
​101 East Main Street
​
Suite 202
Galesburg, IL 61401
Phone: 563-324-1011 
Toll Free: 800-713-6930

Partner Agencies

LMC Insurance & Risk Management Logo
Independent Insurance Services Logo
Molyneaux Logo
The Friedman Group Logo
© COPYRIGHT 2021 Molyneaux Insurance