When you have a baby, you make lots of decisions about the practical side of raising a child as well as lots of plans about the kind of parents you will be. However, have you considered the following important actions that will protect your baby's well-being in the future?
Take out Health Insurance
Children can suffer many problems during their growing years -- some minor, some more serious. Private health insurance affords you benefits over using the public system. Primary reasons to go private include reduced waiting times and a choice of where and by whom your family is treated. If you already have health insurance and were covered throughout your pregnancy, upgrading your insurance should be simple, if not automatic. Call your company to check if your child is included as part of your existing policy. If not, ask for a quote. Before you accept, you can shop around to see what deals may be available and whether you can reduce the costs.
Take out Life Insurance
If you have life insurance, then you've made a decision to make sure that the people you leave behind aren't left in financial hardship. This will be more important to you when your baby is born. Consider whether your existing policy is now enough or whether you need to upgrade. If you have no life insurance, then now is the time to consider it. According to AMP and The University of Canberra, the cost of raising a child in 2013 was between $474,000 for a low-income family up to $1.09 million for a high-income family. While money will never make up for your absence in your child's life, it can ensure that your child is raised with the comforts that you would provide. Both parents should be covered ensuring the other will have enough to raise the baby alone if anything happens.
Write a Will
Making a will is not something that many younger people think to do, but once you become a parent, it is one of the most important things you should do. It's hard to think of death when faced with the sight of a new life and all the joy it brings. But, who will care for your baby if anything happens to you? You'll want to choose a guardian who will raise your child as you would. While it's not guaranteed that your appointed custodian will be awarded custody of your child, many authorities will take your wishes into consideration.
In the event of your death, who will inherit your home, money and belongings? In the absence of a will, the state will decide just where these assets go. A will allows you to appoint a trustee to manage the assets you leave behind until your baby is an adult. Speak to your family lawyer as soon as possible after your child's birth. If they're unable to help, they'll be able to point you to a lawyer who can.