3 Overlooked Policies Parents Should Know About

 

mark lauria parent insuranceThere’s no manual that comes along with being a parent; no checklist of things to do or not to do. But if there was a parenting manual we’re pretty sure these three tips about overlooked policies would be in it. We’ve covered Boat Insurance and Pet Insurance, and to close out our National Insurance Awareness Day celebration, we’d like to give you a little checklist of insurance tips for parents that you can add to your own personal parenting guide.

 

1. Traveling with the Kiddos

So it’s summer time, and you’re headed out on a huge family vacation overseas. You’ve been planning for months. You’ve got all your bags packed, the carry on bags are packed with entertaining items for the long flight, everything is booked, and you’ve got all your travel documents in order.

Here’s a thought we’d rather not have cross our mind - what if there is an accident while abroad, or someone gets really sick? Health insurance works a lot differently in other countries, but there is an insurance policy that can help. Not to be confused with Trip Cancellation Insurance, Travelers Insurance offers compensation to get you back to your country of origin and for emergency medical care. Travelers Insurance can also cover other things like emergency evacuation as well as other insurable exposures associated with traveling. It’s not a pleasant thought, but if your vacation is cut short because of accident or illness, Travelers Insurance could just make things a tad easier.

Anyone seen the movie Taken? Another form of insurance often neglected is Kidnap & Ransom coverage that can go along with Travelers Insurance exposures. This relatively low cost insurance can provide a wide range of protection against kidnapping, extortion, ransom and related exposures currently on the rise abroad.

2. Life Insurance for Children, Newborns and Toddlers

Life insurance for children is by and large the most widely neglected form of insurance. It’s just not something parents tend to think about, however there are many benefits to buying a life insurance policy for your child. First off, by purchasing insurance at a very young age, you lock in the rates well below what the rates would be later on for a teenager or young adult.

While potty training your toddler, not college, may be at the forefront of your brain, it’s really never too early to start thinking about college. Whole Life and Variable Life products contain automatic savings provisions, which can be used to start saving for college. This is a huge bonus since the costs of a college education are continually on the rise. The current annual average 4-year college education costs $140,000. Think of the price tag in 18 years!  Also, life insurance is transferrable, so when your toddler reaches adulthood, they can take over the policy and the payments.

3. Insurance for Day Cares

If you are using a day care facility for your children, ask questions! Make sure they are adequately insured and that they have all the proper coverage. One thing to specifically ask for is a “certificate of insurance”. Commonly, day care policies include both Bodily Injury Liability and Property Damage Liability but there are several add-ons’ they can include in their policy. Standardized coverage guidelines are available from various resources online. Beyond just providing insurance, an insurer can also be a valuable resource to the day care center. Some insurance carriers provide risk management advise , making the center safer for your children. The best way to find out what kind of insurance your day care center has is to ask.

We hope these tips have helped bring a few kinds of insurance to light for you and your family. The best way to find out everything you can about your current policy and what additional policies may be available to you, call a reputable insurance agent. They can usually go through a quick insurance policy review and suggest some changes that could be made to make sure you’re covered. Who knows, you may even find out a few new tips and information relating to safety and managing your insurance risks.

How has your insurance coverage changed since you’ve had a child? What insurance tips do you have to offer parents?