Now you’ve got a little one (or ones) in the family, here are four financial concerns you really shouldn’t ignore…
Granted, it’s not dinner table talk, but it’s worth thinking about what could happen to your family financially if you were to pass away. “The point of life insurance is to make sure your child is financially secure if you’re no longer there to care for him,” says Matt Morris from insurance broker LifeSearch (lifesearch.co.uk). If you’re relatively young and healthy, it can cost from £5 a month. A popular option is lump sum cover, where the insurance company makes a single cash payment that could help your partner cover things like mortgage repayments and childcare. “The other option is family income benefit, which is basically paid out as a regular income rather than a lump sum. Quite often the premiums are cheaper, so it’s worth considering,” says Matt.
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