Some studies have found Mum and Dad contribute an extra £20,000 worth of work to households every year-and just to make this even more staggering-they do this amount each! Even though this might be the case, may Mum’s and Dad’s still fail to get adequate life insurance and therefore could those that they leave behind feel the shortcoming when they are gone?
With such a huge input into the home it might be fair to say it could be a struggle to cover it. Having the right life cover could help to bridge that gap if Mum and Dad are no longer around.
Many people think that the government may come forward with help for anyone suffering with the finical gaps left behind, should they lose a parent but unfortunately this isn’t true. State money to help in these situations is very unlikely to come close to paying your mortgage payments or cover those and your everyday expenses. This could leave you seriously struggling to stay afloat.
Even cheap life insurance, at the most simple level could help you should the worst happen and you are left without a parent. It could help to pay your house bills or cover some of your child care costs. A big drop in income can mean huge changes to your lifestyle and pressures. Managing these can test even the most prepared person.
Understanding what Mum and Dad contribute, other than the obvious, is so important in financial planning and the in shaping preparation for the future.
Parents looking for life insurance quotes can receive a free, non-obligation quote from us.
We offer different types of life insurance, to fit a variety of needs and wants; these include critical illness protection and mortgage life insurance. Paying a small monthly payment now could change your future and the future of those you love the most.
Waiting for something to happen, is waiting too long. Use our quick quote form today.