New parent life insurance
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Learn how to save money on life insurance with our special guide...
What is new parent life insurance?
The most special gift is, in the opinion of most, the precious and magical gift of life, and all new parents would defend their offspring with their life. But what about theirs? What if, for example, something happened to you further down the road? Who or what would provide for and protect (at least, financially-speaking) your youngster then?
Although this hypothetical scenario doesn’t bear thinking about as you wet the baby’s head, safeguarding the future of your child in your permanent absence should figure highly in your plans sooner rather than later.
Not that you – or anyone else, crystal ball or no crystal ball – can predict your future, it nevertheless pays to plan ahead.
Becoming a new parent is one of the most momentous occasions and rites of passage in our lives, and it’s obviously above all else a time for celebration and rejoicing.
Yet once the new baby cards are taken down from the mantelpiece new parent’s thoughts should turn towards alternative provisions for their new born, as depressing a thought that may be, as reality – like some babies – has a nasty habit of biting when you least expect it and are barely prepared for it!
The moment you bring a new child into the world, kicking, screaming and generally making their presence felt, your world will never be the same again. Most new families will have to quickly face up and adjust to new and unexpected challenges – nappy changes, feeds, sleepless nights and added financial pressures, that’s just how it is, as your parents will doubtless tell you.
But what if the unthinkable should happen whilst your child is young and enjoying its formative years, and one or other partner passes away. What happens then? That’s why it’s imperative that you use this time wisely and – if you haven’t already seen to it at a previous juncture – ensure that you arrange one form of life insurance or another before it’s too late.
There’s nothing like the birth of a child to focus your mind and make you wise up to responsibilities which might have been previously overlooked for all manner of reasons.
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Do I need a new parent life insurance policy?
There’s never a bad time to look into arranging a life insurance policy which works best for you, as the potential policyholder, and serves your loved ones.
Having said that there are various times in all of our lives when you’re reminded of the fragility of what you cherish most and perhaps need reminding of ways in which you can protect their interests and your own.
Childbirth, and the subsequent becoming a new parent is one such pivotal time, when amid all the celebration and fanfare surrounding this milestone you need to determine whether or not you have the right insurance plan in place to protect your nearest and dearest should the worst happen.
When considering buying life insurance – either prior to the imminent birth of your newborn or in the weeks and months after their arrival as you begin to get your house in order for this new future – it’s important that you look for a life insurance policy which will provide financial protection for your growing family.
Mortgage cover is perhaps the biggest concern, as it’s the predominant part of most household’s outgoings. Although many people will benefit from some insurance policy having already been actioned on this score, the birth of a son or daughter provides a renewed platform in which to revisit your existing arrangement and make sure that you have enough cover against capital and interest repayments on said mortgage in the event of your death.
Education is another key factor, and although your child is only a baby here and now, those first few years will disappear in a blur and before parents have time to gather their senses they’ll be faced with buying school uniforms, funding trips away, handing out dinner money and paying tuition fees. And not long after, helping their son or daughter financially through university. If you’re not on hand to provide at this point, it’s crucial that a life insurance package is there to take the strain.
Before any of that kicks in however, there’s the not inconsequential matter of providing adequate childcare, again something which needs careful consideration while you’re still around and playing an active role in your newborn’s early life.
As is the role of a new parent, you not only provide financial support for your child, but you also carry out a number of unpaid responsibilities too. Stop for a minute and think how your partner would cope without you doing your share of the childcare, and how much it would cost to use a childcare service instead?
Elsewhere, utility bills (in respect of heating, lighting, water, etc.), clothes and food are all expenses which are inescapable when raising a family and fall into the category of general expenses. In order for your loved ones to maintain their lifestyle long term, you should make provisions for all these expenses in your level of cover.
How much does a new parent life insurance policy cost?
Many of the UK’s leading life insurance providers offer great introductory offers to new parents.
Here at Bobatoo, for instance, you can access free new parent life cover for 12 months if you sign up before your child’s 4th birthday – which is worth up to £15,000.
Irrespective of introductory offers there is no set price – or indeed, price range – for life insurance premiums in direct relation to new parents’ short-to-long-term requirements, so the cost will depend on a range of different factors like how many dependents you have, your work situation (and that of your partner), your general levels of health and your ages.
Levels and terms of cover best suited to new parents are critical illness cover, whole of life insurance, term life insurance, mortgage protection insurance and income protection insurance.
What can I do to reduce the cost of new parent life insurance?
As we’d always politely suggest, look after yourself as much as your kids in terms of championing and maintaining a healthier lifestyle, which is always looked more favourably on by potential life insurance providers.
Project a fitter lifestyle by not smoking, not drinking beyond the recommended units per week along with participating in regular exercise – and new parent life insurance premiums will be downsized. Simply put, you are seen as more of a risk if you display signs of ill-health now or in the foreseeable future. And if an insurer does get wind of this at the application process (during which may we remind you that your obliged to inform the insurer of any underlying health conditions or serious illnesses which could compromise your longevity of life) then they are perfectly within their rights to decline your application or charge a premium that they see fit to counter the risk element.