Starting a family is a big step in one’s life. A new baby causes parents to ask themselves questions that never occurred to them before. Like … how will we get enough sleep, how can we prevent leaky diapers and how do we fit all that stuff in our car when we go to visit family?
At a time when you’re sleep deprived and holding on by a thread, the last thing you’re thinking about is finding the best insurance protection for your family.
But it doesn’t need to be a complicated or frustrating process. Just take one step at a time.
1. Find a Financial Advisor / Insurance Broker that you trust
Ask your friends and family to recommend an Advisor they are happy with. Don’t be afraid to interview a few different Advisors. You need to find someone that is a good fit for you. The person you select will likely help you through many stages of your life. So make sure they are knowledgeable, honest and professional.
Note: A professional Life Insurance Broker offers a wide range of solutions from numerous Insurance companies. So they can shop the market for the best solution and price to suit your needs. They are not limited to the product offerings of one company.
2. Ask lots of questions!
A good Advisor will take the time to educate you about your options. Here are some questions you may want to ask:
- How much insurance protection do we need to ensure our family will be okay if something happens to us?
- We have existing insurance, how often should we review it?
- How do we protect our income if we become ill and cannot work?
- What is the best type of insurance to suit our needs and budget?
- Why is mortgage protection through my lender not the best option?
- Where should we start saving for our child’s education?
- Are we on track for our own retirement?
The family budget has many competing priorities. It’s important to ensure that the advice you receive addresses strategies for each of your financial goals. A good Advisor will help you find a balance and a phased approach, if necessary, to work toward each of your goals.
3. Take Action to Protect your Family
It’s easy to go into information overload. But it’s important not to procrastinate. Identifying your goals is an important part of the process. Try to implement the strategies that are most important to you first. It may be overwhelming to tackle everything at once. But do something! Every step you take, moves you one step closer to your goals.
Many new parents walk out of my office and say how grown up and responsible they feel after putting their financial and insurance strategies in place. A new baby is a big responsibility and I’m here to help. I am an Insurance Broker and Investment Fund Advisor, and am passionate about educating and enhancing the financial lives of professional families. I’d be happy to get together to answer your questions.