Becoming a new parent is often a catalyst for Mum and Dad to start thinking about life insurance to protect each other and the new additions to the family.
There are a number of reasons why so many new parents take the step of providing themselves with a layer of protection or updating any existing policies, be it for life insurance or a life insurance plan that also provides critical illness cover, or indeed an income protection policy that will pay a monthly amount if you are unable to work.
So what are some of the key considerations we find people are most keen to address as a new parent when looking into life insurance? Well, probably the most obvious is to provide the family with an amount of money (be it a lump sum or a monthly income), if one or more parent dies or is diagnosed with a critical illness. This blanket aim can also be broken down into component parts some or all of which can be relevant to most families.
These include enough money to pay off a mortgage balance to allow the family to carry on living in the family home without the scenario of being unable to keep up the remortgage payments if an income into the household is lost. As well as considering mortgage related issues and the potential strain of keeping up the repayments if the families circumstances change, the loss of a parent and their income in general raises issues many families feel a need to address. For example, the costs associated with raising children, such as child care (bearing in mind child care costs may increase if a parent needs to return to work), the costs of educating children which can range from a new school uniform through to university fee’s, to the everyday costs of being a family and the desire of most parents that their remaining partner and children should be able to carry on with the same quality of life if they are no longer around including things like weekend activities, the annual family holiday and being able to afford Christmas and birthdays.
We understand here at I’m Insured that although a lot of the above can be relevant to most families, there is no ‘one size fits all’ when it comes to arranging personal protection plans. Budget of course is often a very common consideration especially when there are new mouths to feed and clothe. Differing circumstances specific to each individual within a plan can mean different needs or issues to take into consideration. Examples of this include pre existing health issues, addressing the different roles in the family such as one parent being the main income provider, and pre existing arrangements; i.e. one partner having existing cover in place whilst the other has none. With this in mind, it is generally accepted that using a broker with access to a wide panel of insurance providers can be an advantage that can both save time as well as provide a greater number of options to find the plan that best suits the needs of the individuals concerned.
I’m Insured also offer discounts on all the policies we offer meaning you will pay less on your premiums as well as offering cash back options based on a percentage of the amount you spend on the cover over the first year of the policy.
Our consultants will also be able to talk you through what trust options are available to you and assist in any queries you may have in completing the necessary documentation to put a trust in place and give you peace of mind that in the event of a claim the money you intend for your loved ones goes to them and them alone and in a swift and timely manner.
So, if you are a new or expectant parent, be it for the first time or with a latest addition to the family, whether you have cover in place currently and wish to update it or you are starting from scratch, our consultants are here to listen to you and present you with as many options as you need to find the plan that is best for you and your family.