You’ve probably already done all the things to prepare for your bundle of joy…but many parents forget one crucial form of financial protection for their family: life insurance. And, did you know that even if you already have insurance through one or both parents, it still might not be enough? Here are five things new moms and dads need to know…

1. While 70% of employees get life insurance through their employer, most are only offered coverage equal to their annual salary. Financial experts often recommend life insurance coverage 5 to 10 times your annual salary.

2. If you’re already covered but need additional protection once you have a child, applying for a supplemental policy for the difference can be cheaper than cancelling your existing policy and applying for a new policy for the total amount. Why? You’re older than when you first applied, which can drive up your rate.

3. It no longer takes weeks (or even months!) to apply for life insurance and get coverage. Today, affordable, comprehensive, and quality coverage can be purchased online in minutes.

4. Life insurance doesn't have to be expensive! While your rate will depend on a number of factors, many companies offer coverage for a low monthly premium.

5. Life insurance isn't just reserved for the fittest and healthiest among us. Many parents in just "good" or "average" health can still get the coverage they need to protect their families.

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Disclaimer: The information on our site is NOT medical advice for any specific person or condition. It is only meant as general information. If you have any medical questions and concerns about your child or yourself, please contact your health provider.