You may be asking yourself if as new parents your should get life insurance. Becoming a parent is one of the most important times to be considering life insurance, or to have a review of whether you have enough cover in place for your children to be looked after.
According to The Telegraph, the average cost of raising a child in the UK is £230,000, so whilst you may be worried about the endless nappy changes, clothing, feeds and sleepless nights, it’s understandable if concerns about the level of protection that you may or may not have will start to seep in.
Raising a child or children can bring with it numerous new expenses and financial pressures that you would be forgiven for forgetting how many. Could your partner cope with staying above water with these costs if you were no longer around? Life insurance provides the safety net for your loved ones, and peace of mind for you that these costs will all be covered should the worst happen. Insure Your Life look below at the 5 biggest expenses that new parents need to consider when getting cover.
The first is your mortgage. Due to this being the main expense in the majority of households, it’s worth reassessing whether you have enough protection in place to cover repayments.
Secondly is childcare. Will your partner be working if you’re not around? If so then who will look after your children when they’re working? This not only provides financial support, but also carries out unpaid responsibilities looking after your child. Your partner could be left with expensive childcare costs should you die.
Education is next up. Your child may only be a baby now, but those first few years will soon be gone and in a flash you will be shelling out for school uniforms, dinner money, trips away and tuition fees. Later on, the expenses of university can be significant with university fees increasing, so you’ll want to make sure all these costs are covered by your policy.
We’ve put loans and savings on our list as it may not be one you associate with being a new parent. There may be other loans or credit cards which you don’t want to leave your loved ones to pay off or you may have had to invest in a new car that is child appropriate. If you have a savings account for your children then will there be enough spare capital to be able to regularly put into this?
Last but not least is general expenses. From heating and lighting to clothes and food, there are many expenses which are largely unavoidable when it comes to raising a family. So that your loved ones can maintain their lifestyle long term, you should make a budget for these expenses in your level of cover.
By clicking here, you can speak to an experienced adviser FREE of charge with NO OBLIGATION or get instant quotes to see how much it will cost to make sure your children are protected for the future.