Even before I gave birth to my first son, I knew I was going to protect him. A fire alarm went off at work one day. I felt myself wanting to push other colleagues out of the way to ensure I got my expected baby out of the building as quickly as possible. When he started to toddle, I was often rebuked my relatives for not letting him risk a tumble. Mums and dads want to keep their children safe and well. Whether it is stopping them climbing on furniture, helping them to tie their shoelaces or making sure they have their 5 portions of fruit and vegetables, their wellbeing is our absolute priority. Although nobody really likes to talk about it, it is vital to consider the important reasons parents should take out life insurance.
Why parents should take out life insurance
I remember I was quite shocked when a friend in my local Netmums group said she was looking into term life insurance quotes as a way to protect her twins. I hadn’t even thought about future financial planning for my little one. She explained she wanted to be sure that if she or her partner died unexpectedly, her family would have decent financial support to rely on. Bereavement is always very tough for any of us and especially young children. Grief is hard enough to handle without having big money worries to contend with.
How life insurance can help your partner
I have heard bereaved partners speak about losing their loved one to car crashes and other happenings. Life is turned upside down. They are in sorrow but also have to step up to be the best parent now that they are parenting alone in such challenging circumstances. Life insurance means things like mortgages and car loans can be kept up with. As we see the cost of living increasing so much, even knowing you can pay the household bills is a relief when grieving as a family. With money worries allayed, your family can focus on making new memories and keeping up with important anchors such as contact with friends and other family members. It means they can attend that school friend’s birthday party or take part in sporting events.
Financial planning as a parent
Life insurance is a vital matter to consider as a parent. Sit down and really reflect on if your children would be financially provided for in the event of your death. It is an upsetting thing to think about but that shouldn’t stop you facing up things as parents die every day of the year. Another issue to take action on is making a will so that those left behind know what your wishes were regarding your money but also any thoughts you have around who you would like to care for your children should you pass away. Critical illness cover is another thing to give your attention to. You might also want to use your pregnancy or birth of a child to really tackle any outstanding debt problems.
Do you have life insurance in place?