Having a baby changes your whole life. Suddenly there are lots of decisions to make, and advice on offer about how to raise your child. But already you know that no one knows your baby like you do. Yet what if you weren’t there to make decisions for them? While it’s almost unthinkable to consider, make sure you take steps to secure your baby’s future in case anything happens to you or your partner. Protect the ones you love with New Zealand’s most trusted in life insurance1.
1. Talk to your family
Ensure your loved ones know what you want for your child’s future.
2. Make a will
Specify what you want for your child (or children) including how they are cared for and by whom. If you already have a will, update it now that you have a child.
3. Get life insurance
If you die accidentally or through illness, life insurance should pay out a tax-free lump sum so that your family will be looked after and the plans and hopes you had for them can still happen.
Get help from online calculators
When you calculate how much cover you may need, think about:
• Childcare costs – who would look after your child?
• What about school or tertiary fees?
• Daily living costs your family will have and how long for.
• Debts you’ll leave, like a mortgage, car loan, credit cards.
• You can plan to leave a lump sum to help with major life events (e.g. weddings or grandchildren).
• Average funerals in New Zealand cost around $8,800.2
The right cover for you
Getting life insurance should be a simple process whether directly from an insurance company or a broker. There may not be any medical tests and you can usually arrange it all in one call or online. If you already have life insurance, it may be a good idea to check that it’s still right for your new circumstances.
No one likes to think about their children growing up without them, but if you prepare for it now you can make the hardest of times easier for your loved ones.
Call our friendly team 0800 802 101
Visit us online aalife.co.nz/new-parents
See us at your nearest AA Centre
Policy cover with AA Life is subject to standard underwriting conditions. Policy terms, conditions, limits and exclusions will apply to the insurance cover provided.