Having a baby is scary. Having a baby without a metaphorical “safety net” is even scarier. According to the United States Census Bureau, 27.5 million people did not have health insurance at any point in 2018 despite the fact that a 2009 study found that 44,789 annual deaths can be attributed to a lack of health insurance.
Considering that this many people lacked basic health insurance, it’s safe to assume that they also lacked other important types of insurance that are very important to have once you have a child. While you may not have considered it before, having adequate insurance should be a top priority when considering having a baby.
Check out these four types of insurance new parents will want to consider:
Total & Permanent Disability (TPD) Insurance
Have you considered what would happen if you or your partner suffered from a permanent disability and were unable to work? Most people haven’t considered this terrible scenario. However, once you become a parent, even a small chance that you could end up with a permanent disability and become unable to provide for your family becomes life-shattering. Therefore, new parents should look into TPD insurance to make sure they’re covered in case of a sudden illness or injury.
According to the Center for Disease Control and Prevention (CDC), one in four adults living in the United States has a disability. You may think that you don’t live dangerously enough to need TPD insurance, but no one knows when an injury could strike or if you will be one of the unlucky ones to receive a cancer diagnosis. It’s important to keep in mind that you may be able to receive worker’s compensation through the social security administration if you were injured at work. If so, it’s important to bring all of the supporting documentation when filing a TPD insurance claim. To get the best deal on TPD insurance, compare TPD insurance with iSelect.
Bonus tip: if you have unpaid student loans, be sure to get a TPD plan that will help you with a discharge of your federal student loans.
Did you know that in the United States one in five children (age 5-11) and one in seven adolescents (age 12-19) have at least one untreated decayed tooth, according to the CDC? Not only that, but a lot of us can remember requiring braces as children (pricey, pricey). The cost of dental care can quickly get out of hand if you lack dental health insurance and/or have been putting off seeing the dentist. The CDC recommends that children begin to see a dentist at age one and the entire family should be receiving regular digital x-rays and cleanings to ensure their oral health.
To ensure healthy smiles in your future family pictures, check out a family dentist for the ideal dental care. Greg DeVor, DDS provides extensive dental care to meet all your family’s dental needs in a comfortable environment. Dr. DeVor offers everything, such as dental crowns, x-rays, fillings, and cleanings; but he also offers other dental services such as dental implants and braces at his dental practice. With 15 years of experience in dental care and such extensive expertise in dentistry, investigate making Dr. DeVor, DDS your family dentist. You can check his website for office hours and book your first visit for an exam at his dental office.
Health insurance is vital for great prenatal care and a smooth delivery, but to ensure the overall health of the entire family — good health insurance is crucial, always. According to Budget Direct, you’re going to want to go over your health insurance policy with “a fine-toothed comb” to know what is and isn’t covered. If your child won’t automatically be covered, it’s important to figure out how to extend your coverage so that they will be. Between vaccinations and well-baby exams, you’re going to want great coverage.
According to Haven Life, even if you already have a term life insurance policy, now that you’re becoming a parent; it’s a good idea to re-evaluate if you will need additional coverage for each parent.
Bonus tip: according to Haven Life, financial writer Ben Luthi recommends getting an updated insurance policy now instead of waiting until the baby is here because this way you lock in a lower interest rate before you age or your health declines.