Families come in all shapes and sizes, but we define a young family as someone who is relatively new to the parenting game. You might be married, divorced, a single parent or any other combination, but, if you have an itty-bitty little munchkin, this section is for you.
What You Need:
- Adding a child to your life is a huge change, and your Life insurance needs will have to change accordingly. Your child counts on you to support them, and you’ll want that financial stability to continue even in the event of your death. You’ll also want your co-parent to be provided for so that they can continue to provide parental support to your child without having to worry how to make ends meet.
- Disability and Critical Illness insurance is also important. Think about how long you and your partner could continue your lifestyle if one of you no longer had income due to an injury or serious illness.
- It is now extremely important for you to have Health and Dental insurance, to take care of your family. If your child gets a cavity, it’ll hurt more to pay for a filling out of pocket. Same goes for the antibiotics for that pesky ear infection! If you don’t have Health and Dental insurance through work, it’s a good idea to get private coverage.
IN REVIEW, consider:
- Having enough Life insurance enough to take care of debts and replace your income for your partner is you pass away. Also, consider having enough to pay off your home or at least aid in mortgage payments.
- Disability Insurance
- Getting Critical Illness Insurance
- Getting a Family Health & Dental insurance plan
Ready to get covered? CONTACT AN ADVISOR
Other things to consider as a young family:
- This is also the time to look at things such as a tax-free savings account (TFSA), RRSPs and getting your debts under control. You should have long-term savings and emergency funds that are separate from “planned-spending” savings accounts like a wedding, house down payment or vacation fund. These are not products AMA offers, so check in with your current bank or consider opening a savings account at AMA’s bank, Bridegwater Bank.
- Now that you have a child, you’ll also want to look into RESP’s or other options to save for college. Post-secondary is extremely expensive but becomes much more manageable spread out over 18 years. RESPs are not offered by AMA, so check with your current bank.
- You will want to add a trust to your will that outlines who you want to care for your child in the event that you and your partner pass away. While AMA doesn’t provide these services, do-it-yourself will kits are available through our registries.
Other Life Stages
See Young Couples >>
See Established Families >>
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