With a baby on the way, you may have a lot of questions running through your mind. Being able to financially take care of your bundle of joy means that you need to have a plan in place.
For any parent, having life cover in place is crucial to ensuring that your child is protected, no matter what happens to you. However, is it possible to list your unborn child as a beneficiary of your policy? Here is what you need to know.
Can your unborn baby be a beneficiary?
Making sure that you are financially ready before your child is every parent's aim. However, you may be surprised that you will not be able to cover an unborn child. Insurers usually require that your child be born first before you can list them as a beneficiary to your policy. Furthermore, you may want to consider taking out a will to help you have control over when your child will have access to the payout of your policy. Alternatively, you can list your partner as a beneficiary to your policy so that they receive the payout in case anything happens to you such as being diagnosed with a terminal illness or passing away.
When can you add your child?
The good news is that you can list your child as a beneficiary of your life insurance policy within the first 6 months of them being born. However, this is not possible while you are still pregnant as many things can occur. What is important is knowing that you will be able to protect your baby once they have been born to ensure that you and your baby are financially secure no matter what happens after they have been born.
What about adopted children?
You can cover adopted children by listing them as a beneficiary on your life insurance policy. You can add your child after they are 6 months old to your policy. Always make sure that you keep your premiums up to date to keep your policy active.
