Parents understand that children are a lifelong responsibility. They know that if something should happen to them, there is a risk that their family will suffer financially as well as emotionally from that loss. Parents do not want to think of their own mortality once their children are born, because the thought of leaving these wonderful children is almost too much to bear.
However, all parents should think about the “worst scenario” and make the appropriate decisions to prepare their family for that event. Having a life policy in place is the first thing that every parent should do after their child is born.
The Benefits Of Life Insurance
Having a policy in place, you help your surviving family members by:
• Providing financial support for the future. Your remaining family members will be devastated at their loss. Your partner may not be able to return to work quickly after the event. Your children, however, will still need to be cared for and the bills must be paid. Having a policy in place will allow your family to regroup and face their new future.
• Paying for schooling. A large enough policy can be used to ensure that your children receive the proper education once they are old enough to attend university. You can even have stipulations set forth in your Will that state that a percentage of your policy is set aside for this purpose.
• Eliminating debts. With the loss of your income, your family may no longer be able to manage the bills. Having a policy in place will allow your family to pay off debts and reduce their financial burden as they adjust to their loss.
Selection of the Right Policy
Life insurance is very affordable, and policies can range in size. You can select a policy that is enough to cover your burial and little more, or you can select one that will replace your income for several years. Selecting a policy should be based on your age, your children’s ages, the amount of debt you have, and the amount of income your partner generates.
You can adjust your policies over time, making them comparable to the needs of your family. As your children leave home, or as your debt burden lessens, you can always opt for a smaller policy. It is always recommended to look at different policies before you make a purchase. While most life coverage is basically the same, rates will vary from company to company. Shopping around to find the right policy through quote comparison sites such as www.monkey.co.uk, is always encouraged.
You should also review your policy on a yearly basis. Many things change throughout any given year. You may have a new addition to your family. Your debts may have decreased. Your child may have left home. Review your life situation and look for quotes to adjust your policy to your new needs. This saves money and also ensures that your family is always protected.
No one wants to think about being taken from their family. However, no one wants to think about their family living destitute because they are no longer around. Facing mortality is something that parents must do, if only for the benefit of their children.
Author Georgina Clatworthy writes informative articles on topics relating to finance, lifestyle and consumer issues. Some parents will avoid taking out life insurance because they think the premiums will be too high. Comparison website, www.monkey.co.uk can help, by providing a range of market-wide insurance quotes and coverage information to suit individual needs and budgets.