Bringing home a baby changes everything. It’s emotional, overwhelming—and a critical time to lock down your insurance coverage. Here’s what Colorado parents-to-be need to get in place before the due date.
1. Life Insurance: Don’t Wait
If one or both parents die unexpectedly, the financial impact can be devastating. Life insurance replaces income, pays off debt, and helps ensure your child’s future. Term policies are affordable—especially when you’re young and healthy.
Both parents should be covered, even if one doesn’t earn income. Stay-at-home parents provide valuable labor that would be costly to replace.
2. Disability Insurance: Protect Your Paycheck
A serious illness or injury could interrupt your ability to work—right when your expenses are rising. If your employer offers disability insurance, check the coverage limits. If not, look into a private policy.
3. Homeowners or Renters Insurance Adjustments
Your home is about to get fuller—and more valuable. Update your personal property coverage to include nursery furniture, baby monitors, and other gear. Also review liability limits. More visitors means more risk.
4. Health Insurance for Baby
Once your baby is born, you have 30 days to add them to your plan. But plan ahead: compare costs and coverage between you and your partner’s policies. Delivery, pediatric care, and vaccinations can add up fast.
5. Create or Update a Will
Name a guardian for your child. If you don’t, the state decides who gets custody. This is also the time to update beneficiaries on life insurance, retirement accounts, and trusts.
6. Umbrella Insurance: Extra Protection for a Growing Family
More guests, more driving, more potential liability. A personal umbrella policy adds extra liability coverage across all policies. It’s cheap, and it protects your family from financial fallout.
7. Start a Financial Plan Now
Set up a savings plan, look into 529 college accounts, and meet with an advisor. Your new responsibilities are bigger—your protections should be too.
Welcoming a baby is a major milestone. Secure your financial safety net now so you can focus on what really matters: raising your child.
