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Investments for a First Time Parent

July 25, 2023 1536

They say a woman becomes a mother when she finds out she is expecting, and a man becomes a father the moment he holds his child in his arms. This couldn’t be more accurate. Although I eagerly awaited the birth of my child for months, nothing compared to the way I felt when I first cradled my baby girl in my arms and looked into her big beautiful eyes.

I felt instantly connected to this tiny little being. As a first time father, I felt the joy and the responsibility all hit me at once. One look at her, and I instantly knew that in the coming years I’d do my best to ensure she is happy, healthy and never wants for anything.

Over the next few days, I began to realize that my finances would need a total reassessment. My savings goals could no longer revolve solely around me and the missus. We brought home a new priority the day we got back from the hospital with little Sania, and our finances would have to reflect that.

This first thing I did was take out an investment plan. Aside from making sure my daughter will be provided for in my absence, this policy will also guarantee that she has the funds to follow her dreams, whatever they may be. Once the tenure is finished, she will receive a lump sum that can be put towards goals like higher education or marriage.

About a year ago, I met with an accident that left me hospitalised for over a week. I wasn’t insured at this time and my treatment bills took a sizeable chunk out of my savings. To top it off, I lost my job because I was put on bed rest for a while. Luckily my wife, Anu is great with budgeting, and we got back on our feet quite quickly. But with Sania on the scene, I can’t afford to find myself in such a situation again. After all, it’s my responsibility to ensure my family is always taken care of. I realized that my accident could have easily been fatal. There’s no saying what might happen. That’s why I took out a term plan with an accident rider. This will cover my fees of hospitalisation, doctor’ visits and medicines in case of an accident, and will also provide my family with financial support if I meet with an untimely demise.

Though Anu has decided to be a stay-at-home mom for a few years, we both know that her contribution to our little family is invaluable. The way she manages the house, and cares for both Sania and me is nothing short of amazing. She bought a term insurance plan shortly after I did, for Sania’s sake and for mine.

The last investment I made was as much about me and Anu, as it was about Sania. I took out a retirement plan to help me accomplish all the things I’ve planned to do in my golden years. First on the list is to see the Northern Lights with Anu. We’ve been talking about it since before we got engaged! But more importantly, I want to be able to maintain our current standard of living without having to depend on Sania for financial help. By then she will have her own financial goals to works towards. I can see it now, the future looks bright! At HDFC Life, we provide insurance solutions for every stage of life.

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