Safeguard Your Financial Future Before Baby Arrives

By ParentsCanada staff on May 01, 2017

As a newlywed couple, there’s nothing more exciting than discovering that you’ll soon become parents for the first time. It’s both an exciting and emotional time in your lives. Your newlywed bliss is about to change, and soon you’ll need to prepare for life as a family.

A new baby on the way is a happy occasion, but it also brings with it the responsibility of preparing for all of the costs that come with new children and a growing family. A recent study on moneysense.ca found that the average cost of raising a child until the age of 18 is approximately $243,660. So that begs the question – from baby carriages to college, will you be financially ready for your child’s future?

Here are a few questions to consider before the baby arrives:

  • Will you need to buy a bigger car?
  • Will you need to upgrade your home?
  • How many more children will you need to plan and save for?

Of course, these aren’t the only questions you and your spouse will need to ask yourselves. You might also wonder, “Is it time to get life insurance?” or “Whom should we talk to about planning our family’s financial future?”

With the added expenses of a new child, some families don’t believe they can afford life insurance. But you owe it to your family to find out just how affordable coverage can be.

When it comes to planning a future with your hard-earned money, it’s best to talk to the experts, and that’s where TD Insurance comes in. For years, TD Insurance has been working with families of all shapes and sizes to provide coverage that fits their needs.

Put together with some help from TD Insurance, here’s a step-by-step guide to put you on the road to financial future planning.

Step 1 - The Right Fit Coverage Assessment

By answering a series of questions, you and your TD Insurance advisor can come up with a life insurance plan that’s best suited for you based on your living arrangements and annual income. This step can be done online by using their Right Fit Tool or by speaking with a representative over the phone.

Step 2 – Bundle and Save

By grouping your home and auto insurance together, you could be eligible to save more of your money and put those savings towards something like future education plans for your children. There are plenty of bundle packages to choose from, some of which can also help you save 10% on term life insurance, so it’s important to contact a TD Insurance advisor to see what option best fits your needs.

Step 3 – Plan Ahead

You and your growing family will be on your way to a healthier financial future if you remember these rules:

  • Start saving as soon as you can, as much as you can (every little bit help)
  • Talk to your friends, family and professionals about cost-cutting advice
  • Plan your savings timeline far in advance to ease your financial stress

The right life insurance for you and your growing family can help ensure your children have the opportunities you want for them in the future. Growing your family doesn’t have to feel like an overwhelming financial burden with the help of TD Insurance.

 

By ParentsCanada staff| May 01, 2017

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