There are various things you’ll want to consider when working out the size of your life insurance policy as a new parent.
In general, you should consider some key expenses such as any remaining mortgage balance, childcare costs, funeral expenses and leaving an inheritance.
This will of course this will also depend on things like the size and age of your family, as well as whether or not you are the main earner in your household.
If you are not the main earner and say you spend most of your time at home looking after your children, then this should factor into the nature of your life insurance policy.
Your passing might, for example, mean that your household expenditure related to childcare could increase with the need to hire a childminder or to pay nursery fees.