When parents are expecting a new family member, they’d typically start a nesting stage. But little do most parents know is that the urgent need to organise and clean does not end at home.
Financial nesting is a thing too! Here are the 3 most important things that you can do today to save heaps of your precious time in those first 12 months.
1. Life Insurance
Settling down and starting a family is one of the best reasons to get life insurance sorted. Raising little kids is expensive; it’s no longer just about yourself and your lifestyle; your family’s good life and security are now on top of all your other priorities as well.
You need a life insurance cover that is adequate to support you and your family through death or serious illness or injury. It reduces financial issues and gives you time to heal. If you need a cover that will pay out a mortgage or a regular payment to replace your income, sorting it all now will bring you peace of mind for the future. You can bundle up life insurance options or you can choose one that fits you.
2. Power of Attorney, Wills and Advanced Health Directives
When you’re young and happy, it’s hard to imagine anything going wrong with your life together. But get into estate planning now even if you can’t make decisions for yourself.
Will: This legal document stipulates your wishes on how your assets and possessions are to be allocated to members and or non-members of your family, including care of your children when you’re gone.
Power of Attorney: This is a legal document giving another person authority to make personal, health and financial choices on your behalf.
Advanced Health Directives: Often referred to as Living Wills, AHD’s record your wishes regarding medical treatments if you lose the ability to decide for yourself.
3. Get a Life Insurance Adviser
Your life is about to get busier as the baby comes. Parents like yourselves need all the help you can get.
Life insurance is not something that you can set and forget. Admittingly though, it’s not really supposed to be on the top of your to-do list right now. Not to mention, it can get overwhelming to deal with sometimes. If you are-time poor, you’ll more likely keep pushing it aside until you’ve completely forgotten about it.
Getting a life insurance adviser to deal with your insurance need makes it simpler to review your cover when you add to your family, change jobs, increase your income or buy a new home.