The Importance of having Life Insurance as a parent

We’ve got a guest post this week from the Amazing Alice Clift today who runs a fantastic family and lifestyle blog that covers a multitude of topics and has some important words to share with you about the importance of having life insurance as a parent.

I recently saw a thread on one of the infamous Facebook mum groups about life insurance and I was shocked to see just how many people didn’t have any insurance at all or that those who did – its only purpose was to pay off their home with nothing left over to take care of the children left behind.  This got me thinking about the importance of life insurance and how little some people know about it. A huge 26% of parents have no insurance at all. In my opinion, you cannot put a price on peace of mind.

At 21, it’s something most people my age has probably never thought about but once you’ve had children I can’t stress enough how important it is. Having Ayla, and both Alfie and I having lost a parent each at such young ages, knowing that no matter what we can set Ayla up for her future is super important to us.

All parents want what is best for their children but after becoming a parent, the thought of one day not being here is a hard one to deal with for many but the reality is that the more you think about it and prepare for it, the easier it will be on your children. The reasons given by those who didn’t have any form of life insurance were a combination of not thinking they needed life insurance yet and thinking they couldn’t afford it. When saving money, one of the first things people do is look at their outgoings and cut the unnecessary. Life Insurance should never be one of those things!

If you haven’t got any life insurance a good place to start is the Aviva free parent cover, anyone who has a child under 4 years old will be able to be covered for £15,000 for 12 months. It takes just a few minutes to apply and cover will start as soon as you’ve completed the short application process, no payment is needed, and they won’t even request bank account or credit card details.

Your next step should be to look realistically at what kind of cover you would need and can afford. It would be silly to be spending £100’s each month on cover you can’t afford but a quick search on comparethemarket will bring up all your options and I think most people would be surprised just how cheap it can be. I pay just over £6 a month for the peace of mind that if anything were to happen to Alfie, me and Ayla would be okay. When my Aviva policy ends later this year I will of course do the same thing for if anything happened to me.

Another thing to note about insurance is the cashback opportunities! Over on my favourite page TOPCASHBACK a quick search shows you could get a huge amount cashback from using them. I suggest finding the cheapest deals on comparethemarket and then checking topcashback to see if you can make any money back going through them.