In our new two-part blog series The Cheapest Life Insurance is going to look at the implications of putting off the buying of life insurance and specifically how it could affect you if you are a woman.
While some would say it can be a little bit morbid thinking about life insurance the reality is, without it you do potentially risk leaving your family and those you love at risk when you’re gone.
What is perhaps most crucial about the woman in the household is that these days they can often be a main earner but what is more troublesome is that despite this standing in the family they don’t very often even have life insurance to protect their partner or children.
Some studies have shown that two in three people die without having any kind of will prepared either, which perhaps shows that many people would prefer not to think about the inevitable, but is ignoring it really going to help us?
If you have a mortgage then you will potentially have some kind of life insurance to cover the repayments, which of course do offer a good security net. However, if you and your partner have planned school, university and other things for the children there wouldn’t necessarily be anything left for that if you pass away.
No matter whether you rent or you own, having life insurance is a really important protection to think about, particularly if you consider that one in twenty children lose a parent before they’ve even finished their education.
Let’s be realistic
Even where you have two earners within one family, losing either of those can have pretty serious implications. We often depend on our partners without thinking and often beyond their earnings! For example, if you have younger children then the partner you leave behind may need to give up full-time work to look after them or pay for full-time child care to continue to work. This in itself can upset the family balance and may be a shock to the system when it comes to your children.
Sadly as a parent your responsibility to your children lasts forever and beyond! However, there are things you can do to make sure your family is secure financially.
Cover less expensive than you’d imagine
Cover is actually much less than you may imagine too. For example, a thirty year old female could pay as little as £5 per month and still get cover of £100’000 over a 25 year term.
In our next blog we will be looking at how much cover you may need, so do come back for an update!
The Cheapest Life Insurance offers free life insurance comparison quotes from leading insurers including LV, Ageas, Ageon, Prudential, Scottish Widows and Friends Life.