Life insurance is very often one of those things that you put off. Tomorrow is always a better day to get things like that done when you’re busy living your life. However, the sad truth is, for many people tomorrow is too late.
Therefore, in today’s blog, The Cheapest Life Insurance is going to go through a ‘with or without life insurance’ scenario to give you an idea as to what can happen when you don’t have life insurance.
Becoming new parents
Like all things in life things change and perhaps nothing is quite as life changing as going from a couple to a family with children.
Naturally, you will want to protect your family for as many eventualities as you can and like any parent you will also want to make sure that your children get the very best care and protection they can both now and in the future.
Consider in this scenario what could happen if a critical illness or even death meant you could not provide for your family any more, potentially impacting the future that you had planned for them.
A story about a new family…
Carly and Rob spent two years engaged before they married and set-up their own home. Within another three years they had a daughter – Evie. It was exactly what they wanted and had planned for.
After Evie was born, Carly eventually returned to work to boost the family income and to enable her to start saving for Evie’s future.
Both Rob and Carly wanted to give the most they could to their daughter and while they thought about getting life insurance for extra protection, they never quite got around to doing it, assuming that because they were young and relatively fit that they had some time.
When Evie was just three months short of her second birthday though, Carly suffered a stroke. It was totally unexpected and left her in hospital for nearly two months, before she was allowed to return to the family home to continue to recuperate.
During this time, Rob had to take time off work to look after Evie, which meant less income coming in to the house.
Sadly, when Carly was finally released from hospital, she was unable to return to work and as her and Rob did not have enough savings to support the family, they ended up having to sell their home and downsize. This meant moving further away from family and friends, but also meant that the plans Rob and Carly had for Evie were not quite the same.
Had Carly and Rob sorted out some critical illness cover they would have got a lump sum, which would have meant they could stay in the home they had and had some financial security, enabling Carly time to recover from her stroke fully. It would have also helped Rob to find additional child care while Carly was in hospital.
The lump sum would have also meant they could have saved money for Evie’s future and while the stroke would still have been a shock, it would not have resulted in the changes they actually had to make.
While this is an illustration and not based on real people, there are plenty of real life stories that have resulted in a change to the plans new families have made.