As new parents try to get a few hours sleep with their new arrivals in tow, they may have overlooked the idea of getting life insurance.

If so, make sure to speak with an insurance agent to see what he/she can offer you and your newest family member.

Once you welcome a newborn into the family, your thoughts should of course swing to your long-term responsibility for growing your family, even in the event something happens to you. This is a great time to go over your existing life insurance. In the event you do not have any coverage, it is a good time to consider it.

The first thing you want to evaluate is your current life insurance policies, including any coverage you have through a job or any other individual policies you own.

Among other things, think about whether you have enough coverage, whether you have the proper coverage, if the rates you pay are competitive, and whether your beneficiary designations need any attention.

The next step is to make sure you have the proper amount of coverage in order to protect you and your loved ones.

A U.S. Department of Agriculture report said that the cost of bringing up a child from birth through age 17 can exceed $200,000. Four years in college can easily tack on another $50,000 or more to this figure.

You also want to make sure that both you and your spouse are covered, especially if the spouse may be a stay-at-home caregiver. In the event something happens to the stay-at-home spouse, the expenses for raising your child will likely increase.

It is also important to determine what type of coverage you need for you and your increasing family.

There are two main types of life insurance - term life, which will provide a death benefit only for a set time period, and permanent life, which puts together a death benefit with a savings option (or cash value).

Prior to purchasing your life insurance after the birth of a child, be sure to do some serious comparison shopping to make sure you are able to receive the most competitive rates. The best way to go about this is working with a consumer insurance information provider who can give you multiple quotes, thereby enhancing the chances for you to save money.

Finally, it is very important that the right beneficiary information is in your file after the birth of a child.

The policyholder and their spouse are likely to name each other as the beneficiary on their individual life insurance policies. It is important, however, to name a contingent beneficiary who will obtain the policy proceeds if both individuals die.

If you're wondering who the contingent beneficiary could be, it can be the child.

If that is the case, proceeds for the policy should be placed in a trust for the benefit of the child and the policy should note a trustee, along with specifying how the policy proceeds should be handled.

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