As parents, we go above and beyond when it comes to protecting our children. From the moment they’re born, we want nothing more than to keep them safe. We check for monsters under the bed, teach them to tie their shoelaces and make them eat their veggies. Next thing you know, they’re learning to drive, leaving for university and eventually starting their own families.
Having children means that life is full of significant milestones and we want to be there for all of them. Unfortunately, this isn’t always the case. While we always hope for the best, things don’t always work out the way we planned. All we can do is make sure we’ve done what we can to protect them.
If you want to go that extra mile when it comes to looking out for your children, you should consider taking out a life insurance policy.
Why should parents consider getting life insurance?
Life insurance ensures that if you die unexpectedly, your family will have some financial support to fall back on. We always hope that in this situation, after the grief settles, that life will carry on as normal.
Sunday morning breaky, movie nights at the cinema, after school sports activities; it’s the little things that bring joy to our lives every single day - and with the right provisions in place, these happy moments don’t have to end.
But how can life insurance help protect my family?
If you have outstanding debts like a joint mortgage or car loan, your partner will have to pay it when you’re gone. A life insurance benefit can help your family keep on top of loan repayments. It can even help with the little things like maintaining household bills.
How about keeping the family car running so that your kids can make it to their friend's birthday party? or their Saturday football matches? Taking out a life insurance policy means reducing the financial impact of your death on your family’s day-to-day lives. It means you can have peace of mind knowing you’ve taken steps to ease the blow.
You can even take out Critical Illness Cover to protect yourself in the case that you become seriously ill and can no longer work.
Consider this: if you were to pass away unexpectedly or you were diagnosed with a serious illness, could your family get by without the contribution of your paycheck?
A life insurance policy can help:
- Make sure outstanding debt is manageable.
- Minimise stress during an already difficult time.
- Protect your family in the event that you’re ill and can no longer work.
- Let your family maintain their lifestyle
Do stay-at-home parents need life insurance?
You might believe that only the primary breadwinner needs to take out a life insurance policy. The truth is, even stay-at-home parents can benefit from life insurance. Life insurance is often used to replace income in the event of the death of a parent but it can also be used to cover costs associated with family life.
Childcare costs these days are through the roof, anyone with kids knows this. Not only that but you might have to hire help to maintain your household. Even if you’re a stay-at-home parent, you should think about how your family might cope without you.
Do single parents need life insurance?
If you’re a single parent, life insurance has obvious benefits when it comes to protecting your children. It can help you make sure that your kids are looked after if something were to happen to you. You can even use our free, legal Will Kit to appoint legal guardians for your children. You can also use it to make it clear how you want their inheritance to be distributed i.e. education costs, childcare etc.
How our policies can help protect your children
Smart Family Life Insurance
Smart’s Family Life Insurance allows you to choose a benefit amount between £60,000 and £750,000. The benefit amount you can choose depends on your age. This type of policy is best suited to those who want to protect their loved ones from outstanding debt, rent, household bills and living costs.
There are two policy types available under our Smart Family Life Insurance; Level premium and Age-Based premium.
With our Level Policy, you have a choice of any fixed term between 10 to 40 years. You will be covered until the end of your chosen term or after the policy anniversary following your 79th birthday, whichever is sooner. In this case, you will no longer pay premiums and you will no longer be covered. If you die or are diagnosed with a terminal illness before the term is up, your chosen benefit amount will be paid to your beneficiaries.
This policy type is ideal if you want to protect your family until they’re a certain age (usually until they can provide for themselves or have surpassed university age). Term policies are also commonly used to cover your family until your mortgage has been paid off so you can help to ensure that there is a roof over your family’s head, even in the event of your death.
The Age-Based policy features a 5% automatic annual increase to your chosen benefit amount for the first 10 years of your policy to help keep up with the effects of inflation.
Your premium is recalculated each year on your policy anniversary to gradually increase with your age and any automatic benefit amount increases.
This policy type is suitable for those who are on a tight budget during the early years of their policy.
This policy is whole of life policy – meaning you can keep it for your whole life and assuming you keep up with payments, there’s a payout for your family when you die. Age-based is initially cheaper than our level term policy but premiums increase over time.
Taking the next steps for your family
Securing a life insurance policy is a small step that can make a big difference in the lives of the ones you love. We all want the best for our children, so why not help to put a financial safeguard in place in case tragedy strikes?
If you’re ready to take the next step in protecting the ones you love most, then you can request a quote online today.