Financial Planning for Life Events Bringing home a new baby is one of life's most exciting events. Not only does it usher in a whirlwind of personal and lifestyle changes around the family homestead, it also means a number of important changes to your financial house as well. Insurance needs First and foremost, it's the perfect time to review your insurance needs and update your coverage. After all, isn't insurance an investment in your and your family's life and health? Be sure to: Determine if your current insurance provider meets the new insurance needs of you and your family. Include your new family member in all appropriate policies — health, life, disability, etc. Consider adding additional coverage where necessary. Financial planning Once you've updated your insurance coverage, it's time to review your long-range financial planning. Adding a new child often means adjusting your financial and retirement goals. For example, you will have to devote more resources for future educational expenses. This would be the perfect time to meet with your financial advisor to: Calculate how much you will need to save to pay for secondary and higher education expenses. Investigate ways to fund these education expenses — such as with a Section 529 college savings plan. Determine how saving for your new child's education will impact your other savings and investment plans for retirement, vacations, new car or home purchases. Long-term care and estate planning Who wants to think about long-term care or estate planning when a new baby has just arrived? Aren't those events years in the future? Perhaps. But there's no better time to review these subjects. After all, your new baby may have to provide care for you in your retirement years and will inherit your assets. Your financial advisor can help you review your estate plan and examine long-term care options. Let us help you plan for your life events. Have an advisor contact you directly for your personal consultation. #40030