Financial nesting when pregnant
Financial nesting? Here’s 3 things you can tick off your list
Getting your money ducks in a row
When the countdown is on for a new family member, parents everywhere enter the nesting stage. But did you know that urgent need to organise and clean isn’t always limited to your home?
Financial nesting is a real thing, too. Here’s the 3 most important things you can do now to free up some precious time in those first 12 months.
1. Life insurance
Starting a family is one of the best reasons to get your life insurance sorted. Raising children is expensive; you’re no longer protecting just yourself or your lifestyle – your family’s wellbeing and security is much more important than life and death.
Insurance cover that’s tailored for you can support your family through death, or serious illness or injury. It reduces financial stress and buys you time to heal. If you need a lump sum to payout a mortgage or a regular payment to replace your income, having insurance in place now delivers peace of mind for your future. Bundle up life insurance options or choose one that fits you.
2. Wills, power of attorney and advanced health directives
When you’re young and healthy, it’s tough to think about a future without you or your partner in it. But getting across estate planning now even if you can’t make decisions for yourself.
Will: a legal document that records your wishes for what happens to your assets and belongings, as well as care of your children, if you pass away.
Power of Attorney: a legal document which gives another person authority to make personal, health or financial choices on your behalf.
Advanced health directives: sometimes called living wills, AHDs record your wishes about medical treatments if you can no longer make decisions for yourself.
As your family grows, keep these key documents up to date so health or financial decisions won’t be in someone else’s hands.
3. Get a life insurance adviser on your team
Believe us when we say your life is about to get much busier. And we reckon parents need all the help they can get.
Life insurance isn’t set and forget. But we get that reviewing your cover isn’t top of your to-do list. It’s one of the hardest things to get your head around, and can be one of the first things to slide when you’re time poor.
Having a life insurance adviser as part of your financial team makes it simple to review your cover when you add to your family, change jobs, increase your income or buy a new home.
Celebrate with a check-in
If you’re one step ahead of us and you’ve already got your insurance and estate planning sorted – make a plan to review it after baby's first birthday. You’ll have a better idea of what life looks like then. Just quietly…the first 12 months are a whirlwind.
