If so, take a moment to read this informative post…….
Taking out a life insurance policy is the best way to ensure your families financial future. None of us know what is going to happen to us in years to come. As a single parent the pressure to provide is doubled, as without your salary there is no one else to put into the child raising pot.
Having a life insurance policy in place, along with a Will which clearly states your wishes for your children and who will raise them is essential. Over 24,000 children are bereaved of a parent each year in the UK with many of them left with no parent and no named or pre-arranged guardian.
(source: Winstons Wish)
Lets say though you’re a single parent, your children have little or not contact with their biological parent and certainly wouldn’t want to be in their care full time, but fortunately you have other family members who would want to raise your children. Breathe a sigh of relief yes?
NO! As loving and caring as your family or friends may be towards your children, they won’t have anything planned for them financially. They may be facing up to years of the financial implications of raising a new family, with the average cost of raising a child estimated at £229,251 over 21 years. (source: The Telegraph)
You may have dreamed of your daughter having the big fairy tail white wedding, or helping your son to start the business he’s imagined, even as a young child. The likelihood of anyone else having the funds to provide this for your children is slim to non-existent.
Single Parent Life Insurance
As a single parent, you are more than likely your child’s only source of income, but you are more than likely in the 42% of single parents with no life insurance. If the worst happens you will be leaving your child without your emotional as well as your financial support.
It is your responsibility to take out adequate protection against the worst happening. No one likes to talk about death and it’s implications but realistically, it’s one of the most important things you could ever do for your children.
When looking at starting a policy there are a few basic guidelines you’ll need to stick to: –
- How long will you need cover for i.e. until your children are independent or the mortgage has ended.
- Consider writing your policy in trust to maximise the pay out.
- Ensure your cover amount is adequate for all your requirements and you don’t leave your loved ones vulnerable.
- Make sure that the benefactors of your estate are clearly defined in the terminology of your will and that your will is up to date and relevant.
Did you know that in the UK a parent dies every 22 minutes? (source: Childhood bereavement network).
Don’t let your children be the ones facing an uncertain future. Protect your life in order to protect theirs today!