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Family Protection

There are several things to consider if you are part of a family, and perhaps the main bread winner?

These areas are things like:

  • The cost of raising a child?
  • Securing your loved ones financial future – how much should you leave behind?
  • Are you a “stay at home” parent?
  • How can you support those that depend on you if you weren’t here anymore?
  • Are expecting a new arrival soon?

Recent research shows that in the UK the cost of raising a child to the age of 18 is now, on average, £75,436 (a couple) or £102,627 (single parent). That makes the growing-up cost for a family of four seriously scary and doesn’t even include the rent or mortgage, the council tax or the income you might lose by not working in order to look after the kids.

At this time in your life, stability for the family is never more important.  The mortgage has probably never been bigger and the kids are either settled in schools and facing exams or will be in the coming years. The last thing any family needs, after a tragedy, is financial uncertainty and the possible upheaval and moving.  On this basis, don’t just think about covering the breadwinner, think about the valuable role of the stay-at-home parent.

It pays to do some grown up thinking from time to time…….

Like any loving adoring parent, you would still want the very best for your family, whatever has happened, but would they still be able to receive this if either you or your partner died unexpectedly?

  • Would you be able to keep the roof over your head?  Yes/No
  • Would the family be able to maintain its lifestyle?  Yes/No
  • If you had to downsize would the kids be able to remain at their school, or face upheaval?  Yes/No
  • If one of you became seriously ill, would the other be able to work and still do the school run?  Yes/No
  • If you needed extra childcare and care for one of you, how would you pay for it?  Yes/No