Having a Baby? Review your life insurance today
Having a baby can be one of the most exciting and stressful times of your life, all rolled into one. The build up to having a baby can be one of worry, financially, and from the simple worry of being totally responsible for such a tiny and fragile life, and well as one of excitement. Many people who are getting ready to have a baby find that they have a little bit of time, something that certainly won’t be the case when you’re up to your knees in sleepless nights and dirty nappies once the baby has arrived.
That’s why the period before the baby comes is the best time to review your life insurance, and to work out how everything might change once your new arrival finally joins the family. You may ask why a baby would affect your life insurance, but life insurance is designed to protect your financial responsibilities, and a baby is certainly a financial responsibility.
According to some estimates, a child costs between £50,000 and £150,000 to bring up from birth to leaving home, depending on whether the child goes to private school, something you cannot ignore from a life insurance point of view. If you were to die tomorrow, that’s a lot of money to expect your partner to earn on top of looking after the child.
You also need to add the cost of childcare to your equation. If one of the parents of a child were to die, the other parent would need to pay for childcare whilst they worked, at a cost of around £800 to £1000 a month, again money that should be seriously considered when reviewing your life insurance.
Reviewing your life insurance when you have a child is a great time to evaluate whether you bought the best life insurance for you in the first place, if you have life insurance at all. Life Insurance Quotes provides customers with the perfect place to review and compare prices from the leading insurance providers, as well as hundreds of helpful articles about the different types of life insurance to help you make an educated decision about the best type of life insurance for you.