Young families need to acknowledge that adequate financial planning includes life, disability and health insurance. It's important that a health insurance policy be at the top of the list because illnesses and accidents don't have a preset agenda. They can occur at any time, to any age group, and have no regard for the ability to pay for their intrusions. A young couple, perhaps expecting a baby, wisely needs to consider the various insurance coverage options that are made available by health insurance companies.

If both husband and wife of a young couple are working, they should examine which of their employers offers the best health insurance program. Signing on with the one that provides the best coverage at the most affordable price is a first step towards securing their financial future. Obviously, if an employer doesn't provide a health insurance policy it's time then to check out what's available through other venues, including the Internet where any number of excellent insurance companies are eager to offer their services. This choice is more expensive than an employer's plan, but is essential to protect you from the catastrophic costs that can occur in the event the unexpected happens.

Before signing on to any health insurance policy, make sure it contains the insurance coverage options you feel are necessary. Review the co-pay amounts and other items that should be included as part of a comprehensive health insurance plan. The expected birth of a child presents the need to secure several options meant to ease the financial drain that event could create. Make sure you fully understand how your policy treats things like prenatal vitamins, pre-natal tests, deliveries - both C-sections and natural births - and subsequent pediatric care.

You also have to determine how soon to register the delivery of a newborn with your insurance company. Inquire before the baby's birth about how to proceed with the registration process, whether through a company provided health insurance plan or your individual policy. The adoption of a child presents essentially the same process when it comes to acquiring health insurance in advance. You might also check with state health department officials to make sure you've met all your advance notification requirements.

One item that rarely enters into a young couple's financial planning is what to do about disability insurance? That kind of coverage can be included as an add-on to your health insurance policy. And why should it? Because statistics show that a young person is four times more likely to become incapacitated than to die. Becoming unable to earn a living puts a tremendous burden on your domestic partner. Advance planning can prevent that from happening.