The point when kids start arriving, is the point when most people start to think more seriously about the future. Making decisions about a whole new person’s life can be a bit daunting. What to
The point when kids start arriving, is the point when most people start to think more seriously about the future. Making decisions about a whole new person’s life can be a bit daunting. What to feed them, what toys are safe, where to send them to school – you want to protect them, and make sure they turn out to be happy, healthy and successful.
So, it’s not just yourself that you’re thinking about now, what can you do to protect the ones you love?
While it’s not something we like to dwell on, life insurance is an important step towards providing that protection. Bad things happen to us, and as much as we would like to wrap our kids in cotton wool, bad things do happen to children as well.
There are many different levels of life insurance, and most policies can be tailored to suit the individual or the family. Investing in life insurance as a parent can be an excellent choice. Not only can it give you peace of mind, but it can provide the financial support to your family should something bad actually happen. The AAMI Site has more information on various types of plans.
But it’s not just life insurance for you as a parent – you can also choose to get cover for your children as well. And, it doesn’t have to be expensive.
Some life insurance providers can offer premium-free cover for children when you buy a policy for yourself. That means you can protect your kids, on your life insurance – for free.
This kind of cover for children can provide a lump sum payout should the child be the victim of a traumatic event, or is diagnosed with a terminal illness, or if they should die. As a parent, you know that money does not lessen the emotional trauma if something awful should happen to your child, but it can help to ease financial worries.
If your child becomes ill or has an accident, you may need to take time off work, in which case, you may not have as much money coming into the household. The lump sum payout could also help to pay for extra nursing care for your child, or it could go towards overseas or specialist treatment. You may also need to make home or car modifications in order to accommodate any changes, which are not always cheap.
Child cover can usually be attached to a number of different types of insurance, from life insurance, to trauma insurance, to income protection insurance. Depending on the insurer, the add-on cover for the child is usually free, and you may be allowed to add each child in your household on to the policy. You may also be able to choose the level of payout you will receive.
Some insurers may also offer a continuation option for each child when they reach 18 or 21. This means they can continue with their own life insurance policy, without the need to go through the full application process.
Life insurance may be something you have put off in the past. However, if you have kids, if you have a mortgage, bills or any other expenses, then it makes sense to start thinking about the future. No one wants to think bad things will happen, but it is better to be prepared for them than not. With life insurance you can help protect your future, and with child cover, you can also help to protect your children’s future as well.