Insurance checklist for new parents

Bringing a new baby home changes almost everything about your finances — including what "enough" cover looks like. Here's a short checklist to work through in the first few months.

1. Revisit your life cover amount

Most new parents are under-insured simply because their last review happened before children were part of the picture. A good rule of thumb is to cover outstanding debt plus enough years of income to see your children through school — but the right number depends on your specific situation.

2. Consider trauma cover, not just life cover

Life cover protects your family if you die; trauma cover protects your family's finances if you're seriously ill and still very much needed at home. For new parents, that gap matters more than ever.

3. Check your income protection waiting period

With a new mortgage and childcare costs, a long waiting period before income protection kicks in can create a painful gap. It's worth reviewing whether a shorter waiting period is affordable given your new budget.

4. Update your beneficiaries

A surprisingly common oversight — make sure your policies actually name your child, partner, or a trust as beneficiary, rather than defaulting to your estate.

5. Book a review, not just a purchase

The best time to review cover is exactly when life changes. A short conversation now can save a much harder one later.