New Baby Financial Checklist

general finance

Financial steps to take when welcoming a new baby — from life insurance to college savings.

1

Apply for the childs Social Security number

Needed for tax purposes and to open savings accounts.

2

Add the baby to your health insurance

You have 30-60 days from birth to add a dependent (birth is a qualifying life event).

3

Update your life insurance beneficiaries

Ensure your policy reflects your growing family.

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4

Consider life insurance for both parents

Even stay-at-home parents need coverage for childcare and household contributions.

5

Open a 529 college savings plan

Tax-advantaged savings for future education costs.

6

Create or update your will

Name a guardian for your child in case something happens to both parents.

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Disclaimer: This content is for educational and informational purposes only and does not constitute financial, legal, or tax advice. Products and services mentioned may not be available in all states. All insurance products are subject to underwriting and policy terms. Consult a licensed professional for advice specific to your situation.