Having a child is a common trigger to purchase life insurance, but some people purchase life insurance during other life events, such as after getting married or buying a home. So you may already have life insurance
You may also have life insurance coverage through your employer benefits program, but be sure to check the amount. It’s typically a smaller plan and often not enough to cover all your expenses.
If you already have life insurance, it’s important to update your policy accordingly as a new parent, new project in your life. This can include removing backup beneficiaries and adding your new child or making your child the primary beneficiary. Some parents will also increase the amount of coverage to account for the financial costs of a family versus just an individual.
If you have health insurance or other benefits through your workplace, this is a great time to make sure your child is added as a beneficiary to those plans, too.