Look at the whole household
Start with what would change if either parent died. Would the household lose income, need paid childcare, or need someone to reduce their working hours?
Unpaid care has financial value. A parent who stays home may still need coverage because replacing some of that work can cost money. Consider both parents' roles, even when their incomes are very different.
Put a timeline beside the costs
Write down how long you want to provide support. Think about your child's age, housing, care arrangements, and any education contribution you'd like to make.
Separate costs paid once from costs paid each year. If you plan to pay off the mortgage, calculate ongoing household support without the mortgage payments. Keep property taxes, maintenance, and other continuing housing costs in the budget.
Make the arrangements work for a child
Choosing who receives a benefit deserves care when children are involved. Ask about the arrangements needed for a minor, and how the beneficiary designation fits with your will and guardianship plans. A legal professional can help put the details together.
Review what you already have
Check your personal policies and workplace benefits. Note the amount, who is insured, the beneficiaries, and what happens when employment changes.
Bring that information to a coverage review before deciding whether anything needs to be added.
Your next conversation
Ask: What support are we protecting? For how long? Who would receive and manage the money? Could we keep paying the premiums through parental leave or another change in income?
You won't predict every cost of raising a child. A thoughtful starting plan is useful all the same.