Congratulations! As a parent, you’ve signed up for at least eighteen years of chores, worrying, and bills.
Plus, you’re likely to get more financially stretched from here on. Especially if your spouse is taking a break from work to take care of the kids.
So you really need to safeguard your family (and your peace of mind) against any financial shocks e.g. unexpected death of the breadwinner due to an illness or accident. But stay calm. We can help.
P.s. And specially for mums-to-be, find out from your hospital if they have any special insurance against unexpected complications e.g. premature babies that might require an extended stay in hospital.
Good to start saving for your children’s education now. Whilst insurance can protect against calamities, only you can build the funds necessary for their education. Invest in unit trusts or robo-adviser funds, preferably an equity-based one if your time horizon for needing the funds is more than 5 years. If you are not sure about how to invest, consult a licensed financial planner (and don’t buy an investment-linked insurance plan, it’s very expensive).