Everything new parents need to know about life insurance

Life insurance can pay your loved ones a lump sum or regular payments if the worst was ever to happen to you. Ensure your bundle of joy is the only thing keeping you awake at night with life insurance advice from Acumen Financial Partnership. We can help you to compare life insurance quotes and find the most appropriate plan for you and your family.

If you’re a new parent reading this article – congratulations! Not only have you brought a beautiful bouncing baby into this world, but you’ve also found the time and energy to research financial options for you and your family. Not only is that commendable, it’s downright impressive. Aside from the obvious nocturnal interruptions, you may have noticed a whole new set of worries now keep you awake at night.

One of the main concerns for most new parents is: “what would happen to my loved ones if I died?” If you find that slightly morbid (but perfectly natural) question hijacking your much-needed slumbers, then you could benefit from obtaining life insurance protection. Life insurance provides new parents with the reassurance that your family will be cared for long after you’re no longer there to provide.

The benefits of life insurance

Starting a family is expensive. According to the Child Poverty Action Group’s Cost of a Child in 2020 report, the basic cost of raising a child from birth to age 18 is £71,611 for a couple and £97,862 for a lone parent. When housing and childcare costs are factored in, these costs rise to £152,747 and £185,413 respectively. Should anything happen to the main bread winner, that leaves a huge financial burden for the family.

This is what life insurance was designed to address. It takes away the precarious “what ifs” and “buts”, providing much needed certainty that your loved ones will be looked after. Life insurance enables you to leave a lump sum to help cover the everyday costs of running a family household. That means everything from clearing your mortgage and debts to paying for food, birthdays and nursery care are all taken care of.

Compare life insurance with Acumen

Acumen’s experienced advisers can make sure you’re covered for all the eventualities you want to be covered for at the most cost-effective price for you. We compare life insurance policies from the most trusted providers in the business to provide tailor-made life insurance quotes for you and your family. Life insurance needn’t be daunting when Acumen is by your side to guide you every step of the way.

Here is a brief overview of what to expect when you engage Acumen for life insurance advice:

• In-depth analysis of your situation – we embark on a fact-finding mission to understand your personal circumstances, your worries, concerns and attitude to risk.
• Help you identify your priorities – we help you prioritise what is important to be insured against now, and what might need to change in 10 years’ time.
• Recommend tailored solutions – we put together a tailored life insurance plan, taking into account your other financial circumstances and investments.
• Tax-efficient trusts – We advise on using trusts and on the most tax-efficient way of ensuring your money gets to the right people at the right time.

For more information about life insurance, or to speak to one of our advisers, please contact Acumen today by calling 0151 520 4353 or email us at info@acumenfinancial.co.uk.