Having kids means laying the financial foundations for your family.

A visit from the stork changes a lot of things. Hopefully, your financial priorities would have changed months ago – planning and budgeting for the new arrival, setting up savings accounts, and not forgetting the appropriate insurance, to safeguard your new family’s future. Although in reality, sorting out financial matters has probably been the last thing on your mind over the last nine months!

Whether it’s your first child, or another addition to your brood, there are some simple steps that can be taken to preserve wealth through multiple generations, and here are some tips on where to begin.

Purchase life insurance (or check what you have in place to make sure you are still covered for the total amount you need, at a price you can afford).

It’s simple – once you have dependents, you should think about cover. One of the most common types of life insurance is ‘level term insurance’ where you are covered for a set period of time (which you choose when you take out the policy). It will pay out a fixed amount if you die within the agreed term of the policy. This is a popular choice for people who want to know their dependents will be provided for until they are old enough to take care of themselves.

Or there is decreasing term insurance, where you are covered for a set period of time, but the level of cover decreases every month until it reaches zero at the end of the term. This type of policy is usually recommended for people who know that the amount they want to cover will decrease over time, for example if they have a repayment mortgage which is reducing the amount they owe month, by month.

Some policies also offer family income benefit which can provide a regular income as well as a single payment.

And don’t forget to consider, joint life cover – this usually works out cheaper than purchasing two separate policies.

Both one-off payments and family income benefit can be written into trust, this ensures the money goes to the right people, at the right time and often mitigates any inheritance tax issues.

Create your will. This is a vital step for many people. Creating a will ensures that your money will be used in the way you want, after death. Also, appoint a guardian for your children, should the worst happen, to ensure they would be raised by someone you trust.

Update paperwork. Make sure you double-check all of your retirement plans and insurance policies and that details are correct and up-to-date.  New additions to the family need will need to be noted to those that are concerned.

There are different types of life insurance cover, for different needs. But we believe that buying life insurance should be kept straightforward – that’s why we make sure that we get the essentials right and you get the right policy, at a price that works for you.

We know it pays to shop around and that when it comes to looking after your loved ones, you’ll want the best. But shopping around for the right cover can take time, time that many people simply don’t have – especially if there is a newborn in the house!

So we’re here to help – our insurance experts are ready to find the right cover for you and give you no-nonsense advice and straight answers (which we're sure you’ll appreciate). So why not give us a call on 0800 612 8005 and we’ll help you get the right option for you and your family.