16/03/2023
The Parent’s Guide To Financial Protection: Why Getting Insurance Is Important For You And Your Children
As a parent, you want to know that your children are safe and secure. While there are many things you can do to protect them, getting the right insurance cover is one of the best ways to help ensure you protect their financial future and wellbeing—and yours. At Owl Financial, our aim is to be with you through life and that means protecting you during the various life stages of adulthood. In this piece, we'll explore the benefits of getting insurance cover- particularly if you’re a parent, and some of the options available to you.
Protection for Parents
Whilst protection is always important, no matter what your personal situation or life stage, as a mum or parent, there’s an even greater need to consider financial protection. Raising a child is rewarding, but expensive, so it’s important to try and expect the unexpected to safeguard your family’s financial future. What would happen if you were to become too ill or injured to work? Would your family be able to continue their current lifestyle without a significant drop in income? Income protection pays out a monthly benefit if you are unable to work due to illness or injury. This can help cover any expenses that may be difficult to manage without a regular income.
Life insurance and critical illness cover are two other insurance options you should consider, with both providing financial support to your family if something more should happen to you. Life insurance is a type of policy that pays out an agreed-upon sum of money to your child, or family, if you die. Critical illness cover is similar, but it’s designed to help your family by paying them a one-off lump sum if you’re diagnosed with certain illnesses or diseases. Your children and family can use this money to pay off any debt, such as mortgages or car loans, so that they won’t be burdened with these payments in difficult times. Take Marika’s story for example – she had no idea her father had taken out cover until he passed away, but her family are so thankful he did. This made a difficult time a little bit easier financially.
Protection for Children
So, why is insuring your child important? Whilst no one likes to think about their kids getting sick or being involved in an accident, they’re often more prone to injury - whether they’re running around, picking up knocks or playing sports. Having adequate coverage can provide peace of mind knowing that you will have financial support if something does happen and means you won’t be left with large medical bills if something unexpected should occur.
We work with many different providers that offer child specific cover options with a wide range of benefits to help support you through difficult times so that you can focus on providing the care your child needs. MetLife is one of these providers. Last year, they paid out over 4,500 claims for kids, ranging from everyday accidents to more serious, life changing claims, so parents could focus on caring rather than worrying about money.
Other providers, such as LV, offer easy-to-add children’s critical illness cover policies to existing policies, covering 95 conditions that could affect your children.
Contact Owl Financial Today
Insurance can be a tricky subject to navigate. There are so many options, and it can feel overwhelming trying to decide which type of insurance is the best fit for you and your family. That’s where we come in. At Owl Financial, our expert Protection Advisers are here to help guide you in making an informed decision on the right coverage to suit your family’s needs and budget requirements. Find an Adviser or Contact us today - we’ll help you build a financial safety net for you and your little ones.
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