This is obviously a major life event and an excellent opportunity to review all of your insurance needs. But the first thing that should jump to mind is term life insurance. If you don’t have term life insurance, get some today. If you do, make sure your policy is updated and that you have enough coverage to pay the costs to raise your new child, as well as to cover future expense such as a college education. Most financial experts recommend a coverage amount in the realm of 6-10 times your annual income.