New parent? Welcome to the wonderful world of “firsts” - Canada Protection Plan

New parent? Welcome to the wonderful world of “firsts”

January 1, 2018

Becoming a new parent opens the doors to a bevy of awesome firsts. While you may have had 9 months leading up to the arrival of your new little bundle of joy, nothing really prepares you for all of the wonderful (and scary!) firsts that lie ahead.

First time being responsible for someone else

Congratulations! You are now responsible for the welfare of another human being. This newfound responsibility will be with you for the next 18 years, or even beyond. Prepare yourself for a roller coaster ride of milestones and celebrations!

First time sleeping through the night

With a new baby comes a new state of consciousness: the sleep-deprived fog. Many parents wonder if they’ll ever get their newborn on a schedule and start feeling like themselves again. Rest assured, it does happen. And when your baby sleeps through the night for the first time, it’s a glorious thing.

First tooth

As exciting as seeing that first cute tooth can be for you, your little one will likely not agree. He or she will be too preoccupied coping with sore gums, excess saliva and maybe even a fever. Know that this too shall pass.

First steps

Life changes as soon as your baby becomes mobile. With those first teetering steps come the new hazards of cupboards and drawers, stairs and table corners. Become super vigilant about baby proofing your home and what you leave lying around.

First words

Will your heart melt at that first “mama” or “dada”? Without question. And what follows is sure to be a lifetime of funny memories over mastering words like “blueberry” or “spaghetti”. Be sure to record it all for prosperity (and wedding speeches!).

First time to seriously consider life insurance

Now that you are responsible for someone else, consider how your family would cope should you suddenly not be there. Think about childcare expenses and the fact that it costs more than $250,000 to raise a child in Canada. Consider your mortgage payments and loans – wouldn’t you want your family to be able to remain at home? Then there’s tuition to think about: the average 2017/18 undergraduate program in Canada was $6,571. Could your spouse or partner handle all of these expenses if you were suddenly gone tomorrow?

Now is the time to consider life insurance – for the two of you. While you may think that only the parent providing the main source of income should be covered, know that a stay-at-home parent’s worth is valued at $115,000. Without that caregiver in place, the breadwinner might have to give up work in order to take on more of that role… or look into the costs of a daycare/nanny solution.

Life Insurance provided by Canada Protection Plan can give both parents peace of mind. With a wide variety of plans to suit different lifestyles, health conditions and life stages, there’s sure to be one suitable for your needs. To find out which plan may be right for you, contact your advisor or call Canada Protection Plan at 1-877-851-9090.


SOURCES
Childcare costs: http://www.huffingtonpost.ca/…
Tuition costs: https://www.statcan.gc.ca/…
Stay-at-home parent’s net worth: https://www.forbes.com/…
The information contained is as of date of publication, and may be subject to change. These articles are intended as general information only, a licensed advisor should be consulted regarding your specific situation.