If you’re thinking about having a baby, insurance probably isn’t very high on the exciting pre-baby to-do list.
Fair enough.
But before pregnancy, or early in the planning stages, can actually be a useful time to look at your insurance, not because you suddenly need every type of cover available, but because your health, income and financial responsibilities are about to change.
Here are a few things worth thinking about.
First, look at what you already have
Before buying anything new, start with your existing cover.
Do you already have life insurance? Health insurance? Income protection or trauma cover? Do you actually know what each policy would pay for?
You may already have a good foundation in place.
The goal isn’t necessarily to add more insurance. It’s to understand what you have and whether it still makes sense for the next stage of your life.
Health insurance can be worth thinking about before pregnancy
One thing people often don’t realise about health insurance is that timing can matter.
Health insurance generally isn’t designed to cover routine pregnancy and childbirth, and policies vary in what they cover. But arranging health insurance before new medical conditions or symptoms arise can affect how those conditions are treated by an insurer later.
Once something appears in your medical history, it may be considered a pre-existing condition when you apply for new cover.
That doesn’t mean you can’t get insurance. It can mean exclusions, additional terms or different cover depending on the insurer and your circumstances.
So if private health insurance is something you’ve been meaning to look at anyway, doing it before a major health and life change can make sense.
Think about what happens to your income
Having a baby often changes household income, sometimes temporarily and sometimes for much longer.
One parent might take parental leave, return part-time or decide not to return to the same role. At the same time, household expenses may increase.
This makes it a useful time to think about a bigger question:
What would happen financially if the income we’re relying on suddenly stopped?
Income protection can provide a regular payment if you’re unable to work due to illness or injury, subject to the terms of your policy.
If you already have income protection, it’s worth checking whether the amount and structure still suit your circumstances, particularly if your work or income is changing.
Life insurance can look different once someone depends on you
Before children, life insurance can sometimes feel fairly abstract.
Once another person is going to depend on you financially, the conversation changes.
Rather than simply asking, “How much life insurance should we have?”, think about what you would actually want the money to achieve.
Could the surviving parent manage the mortgage? Would they need to reduce their working hours? Would you want money available for childcare or other household costs?
Those questions can help determine whether your existing life insurance is appropriate, without simply choosing an arbitrary amount of cover.
Don’t forget about the parent earning less
Insurance conversations often focus on whoever earns the most.
But income isn’t the only contribution that has financial value.
If one parent plans to stay home or work fewer hours after the baby arrives, think about what would happen if they became seriously ill or died.
Childcare, household help and the ability for the other parent to take time away from work can all have a financial cost.
It’s worth considering both parents when deciding what your family would actually need.
And once baby arrives?
After your baby is born, it’s worth reviewing things again.
Your income, expenses and priorities may look quite different once you’re actually living your new normal.
You may also want to look at health insurance for your child. Depending on the insurer and policy, the timing of adding a newborn can matter, so it’s worth asking about this before or soon after your baby arrives rather than assuming it can be sorted at any time.
You don’t need to insure everything
Planning for a baby can already feel like an endless list of things you’re supposed to organise.
Insurance doesn’t need to become another exercise in buying everything “just in case”.
A better starting point is:
What will our family rely on most once this baby arrives, and what would have the biggest financial impact if something went wrong?
From there, you can work out what is genuinely worth protecting.
At Canvas Insurance, we help New Zealand families understand their options across life insurance, health insurance, income protection, trauma and mortgage protection — without the jargon or pressure to take out cover you don’t need.
If you’re planning a family and aren’t sure whether your existing insurance is still right for you, we can help you review what you already have and work out whether anything needs to change.
FAQs
Should I get health insurance before trying for a baby?
Health insurance generally isn’t designed to cover routine pregnancy and childbirth, and cover differs between insurers and policies. However, arranging cover before new health conditions or symptoms arise can affect how those conditions are treated in future. If you’ve already been considering health insurance, it can be worth discussing your options before pregnancy.
Can I get life insurance while pregnant?
Pregnancy doesn’t automatically prevent someone from getting life insurance. Insurers consider individual circumstances when assessing an application, and additional medical information may sometimes be required.
Do we need more life insurance before having a baby?
Not necessarily. Having a baby is a good reason to review your existing cover, but that doesn’t automatically mean increasing it. Think about your mortgage, household income, childcare and what the surviving parent would need financially.
Should both parents have insurance?
It’s worth considering the financial impact if something happened to either parent, not just the highest earner. Unpaid childcare and household responsibilities can have significant replacement costs too.
When should we review our insurance after having a baby?
Once your baby arrives and you have a clearer picture of your new household income, expenses and responsibilities, it’s a sensible time to check that your existing cover still fits your family.
