A new child. A new set of questions.

Start with both income and care

Make a short list of what each parent or caregiver does in a normal week. Include paid work, childcare, school trips, meals, and household tasks. Then think about which services would need to be paid for if that person died.

Someone who does not earn a paycheck can still provide support that would be costly to replace. Estimate your own likely costs rather than using a national average as your family’s answer.

Make a small planning list

• Write down essential monthly costs and any new childcare costs.
• Decide which years of support you want to discuss.
• List the coverage each parent has, including work benefits, and check what continues if a job changes.
• Use the family needs worksheet to organize the numbers. Avoid counting the same bill twice.

Ask how money would reach your child

Review who is named to receive each policy’s benefit, including a backup beneficiary. Do not assume a new child is automatically included.

Naming a minor can create complications. Ask the insurer and a qualified estate-planning attorney how to arrange the benefit for your child’s needs. The person caring for a child and the person managing money may have different roles.

Your next conversation

Bring three questions: “What do we already have?”, “What would be missing?”, and “What payment can we maintain?” You can use estimated figures first and check details afterward.

Put the insurer’s name and the location of the policy in your family emergency kit. Tell a trusted person where to find it.