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With a new baby coming into your life, there are many financial considerations
to take into account. Here are a few things to keep in mind:
Life Insurance
Do I/we have life insurance?
How much life insurance will our family need?
Which kind of life insurance is best for us: universal, variable, or term?
How do I/we add a child as a beneficiary on existing insurance policies?
Health Insurance
How can I add baby to my or my partner's health insurance plan?
Does my current form of insurance cover prenatal care, labour, and delivery?
Would an comprehensive plan serve our needs better?
Employment
What is my or my partner's family leave policy at work?
What benefits am I entitled to under the law?
How long could I or my partner afford to miss work while on family leave?
Are there other things I/we can take advantage of at work (education assistance,
on-site day care, etc.)?
Do our employers offer flexible spending accounts?
Does my employer offer a disability plan? If not, how/where can I get
one?
Home and Car
Is my/our home large enough for a family?
If not, how much home can I/we afford?
How long will it take to save to buy a new home?
Is my/our home insured?
Do I/we need to purchase a different car to accommodate the new baby?
Do I/we have enough car insurance?
Spending
and Saving
Do I have a budget for baby clothes and furnishings?
Can my partner and I afford to live on one income?
If I'm adopting, how will I/we pay for the adoption costs?
If we need fertility treatments, how will these be financed?
What are my/our child-care options?
How much does child care cost in my/our area?
How much will I/we need to save to send my child to college?
Do I/we have six months of living expenses set aside in case of emergency?
Do I/we have adequate retirement funds?
Do I know how to claim the new child and child-care credits on my taxes?
Personal Issues
Do I and/or my partner have a will?
Who would I/we want my/our child's legal guardians to be?
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