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Us06/16/2023
Having a child is one of the most joyful experiences in the world. Nothing prepares you for the rollercoaster your life is going to become and how much you are going to love it! It is also a period of physical, emotional and financial transformation for the parents. While no amount of pre-birth information can prepare you for the first two, the financial aspect, though, is something that can be and should be planned. Often, you may forget to plan beyond the birth of the child because it is such an overwhelming and all-consuming experience. But your financial and insurance needs change after your child’s birth, just like you do.
So, let’s begin with the insurance checks that your life needs now-
Check For Maternity Insurance
Check your medical insurance to see if it covers maternity, childbirth, pre and post-natal and other birth-related expenses. Most of the medical insurance policies have a waiting period of 3-4 years when it comes to maternity cover. And if that is the case with yours too, you can consider your company medical insurance to cover the costs. Like we said, this is just the beginning of this journey.
Is your current cover enough?
When it was just you and your spouse, you may have found even Rs 3-5 Lakh of medical cover enough. But now, with a child, you should aim at a minimum of Rs 10 Lakh of medical cover. With medical inflation ranging between 12-14%, it is better to build a safety net for your family.
Get Life Insurance
In the unexpected situation of you not being around, how much cover do you think will suffice for your family to tread along? We say at least Rs 2 Cr worth of cover is required. If you have a life insurance policy, check for the cover. If you don’t have, get one. And, ensure that your spouse is insured sufficiently.
Consider different Health Insurance Products
Till now, you may have had a base insurance policy which was enough. But with a child, your doctor visits will increase considerably. Hence, an OPD cover becomes a must-have. Even if your existing policy does not cover OPD, you can even buy a new one which can even add to your overall health cover. Similarly, you may want to consider a disability medical insurance and personal accident medical insurance, to safeguard your family against any disability you may suffer. This will ensure that your loss of income is compensated for.
Things to keep in mind-
- Remember to change your individual health insurance policy to a family floater one.
- You will need to explicitly approach your insurer to have the child added to your policy. The minimum age of the child in most cases is 90 days.
- Apart from the products mentioned above, you also need to create wealth for your child’s education and well-being. There are such health insurance products available that return the total cover amount to you on maturity or to the nominees in case of a death. This can be a wealth creation tool for your child’s future.
- Declare nominees for your insurance policies and ensure that the nominees are aware of these.
- If you plan to have a second child, you can plan for the maternity cover inclusion in your current medical insurance policy or buying a maternity insurance policy beforehand. This, so that the waiting period is over by the time it’s time for the second pregnancy.
The financial decisions you make at the beginning of this journey, shape most of your family’s future. Hence, prudence is of importance here. If you need further information or guidance, you can either get in touch with your financial advisor or get in touch with us at. We are always happy to assist you!
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