The importance of life insurance for parents

How life insurance helps families

The three main worries of parents are money, health and wellness, and a lack of time with the family, according to research by Family Action. Taking out life insurance can go some way to easing all three of these concerns, enabling you to make the most of your time together; safe in the knowledge that, should anything happen to you or your spouse, your family will be well looked after financially.

The importance of life insurance for parents

There are no two ways about it: being a parent is fraught with worry. Am I good enough? Are they happy? Are we doing the right things? Are they breathing?! The list goes on and on. But perhaps the gravest, and most unspoken, worry of many parents is: what will happen once we are gone and how can we protect our loved ones?

Whilst this discussion might seem morbid for a coffee break read (sorry!), it is so important that we have it. Because there is an easy way to assuage these concerns, and that is with life insurance. Life insurance for parents provides peace of mind that your family will be cared for long after you’re no longer there to provide.

Should the worst happen, your dependents will receive either a lump sum or regular payments that ensures they can continue to live comfortably. Life insurance can ease any financial burdens, paying off debts – such as your mortgage, credit card bills and even funeral expenses – and securing your children’s futures.

Life and critical illness insurance

Life and critical illness insurance are often sold together but are two very different types of protection. Where life insurance pays out when you die, critical illness cover pays out a tax-free, one-off payment should you be diagnosed with a serious illnesses listed within the policy. This can help to pay off debts and fund any alterations to your home, such as creating wheelchair access.

Here are just some of the expenses that your family will be protected against when you take out a straightforward life insurance policy:

  • Paying for a funeral.
  • Paying for inheritance tax.
  • Paying off a mortgage or a loan if the borrower dies.
  • Protecting financially independent children against loss of a guardian.
  • Protecting a family against the early death of a spouse, partner or parent.
  • Protecting a business against the financial consequences of the loss of its owner.

Acumen takes care of life insurance and families

Acumen has been helping families to protect their financial futures for many years. Our expert advisers will tailor a life insurance plan to your own unique situation to ensure you are covered for all the eventualities you want to be covered for at the most cost-effective price.

For more information about how to choose a life insurance policy , or to arrange a meeting with one of our advisers, please contact Acumen today on 0151 520 4353 or info@acumenfinancial.co.uk.

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