Less than one in five parents take out life cover to protect their finances in case of them dies, according to new research.
This is despite some new parents considering the scenario with a quarter (25%) stating they had chosen a guardian for their child if they were to die.
The survey from Aviva found that just 18% of new parents take out life insurance compared to 40% starting a new savings account for the baby.
It also revealed that even before the baby is born, expectant parents will spend on average £1,370 on essentials such as a pushchair, baby clothes, cot, bedding, car seat and nappies.
With more than 300,000 babies born to first time parents in the UK each year this adds up to more than £425 million.
Typically, new parents think nothing of spending on baby goods, yet 60% admitted that looking back, they bought items they either didn't use or could have done without.
Louise Colley, head of protection marketing and sales for Aviva, said: "Within the checklist of essential items, we'd urge parents to consider putting a small amount aside each month to protect their family's financial future if something unexpected were to happen to either parent.
"It should be considered just as much an essential as a buggy or a cot.
"We don't think twice about taking steps to protect our children physically within the home, but not enough action is taken to safeguard the financial wellbeing of our families.
"Parents need to ask themselves whether they would have enough money to meet their monthly outgoings if they were suddenly to lose an income," she added.
Aviva is continuing its offer of £10,000 free life cover, per parent, per child to new parents who register before their baby is six months old, to run until the child's first birthday.
