Sadly, by the age of 16, around 1 in 20 young people will have experienced the death of one or both of their parents according to the childhood bereavement network. As a parent, it’s heart-breaking to think that at least one of my daughter’s classmates may end up going through such a traumatic experience - and I don’t even want to think about her being in that situation herself. It’s distressing, but as a parent, I also know that it is my job to protect my family and sometimes you must think about the worst and consider the ‘what ifs’ to keep safe those that we care about.

When someone suffers a loss of a loved one, inevitably they will feel all kinds of emotions; distress, sorrow and regret. These feelings are all part of grief, a process that we all go through following the death of someone we love – a natural process that, in time, will lead acceptance of a loss. No one knows what’s around the next corner and none of us can prevent the worst from happening, however we can choose to think about it and plan to protect our children’s future – because the last thing any parent would want is for the healing process of grief to be hindered by the loss of their financial support.

Life happens, the worst can happen, and insurance can play an important role in your family’s financial security. Life insurance could step in and take care of them if you were to die prematurely or were unable to support them due to being unable to work. Life insurance is there to give you peace of mind, safe in the knowledge that should the worst happen to you or your partner, your family would be financially secure. It works very simply. If you’re insured and you die, the policy will pay out a set amount of money to your beneficiaries – most often a partner or another member of your family. This money can then be used to maintain household finances and pay outstanding debts like the mortgage, helping to lessen the impact of a loss of income or vital parental support.

The right type of insurance for you will depend both on your family circumstances and the amount you are prepared to pay.

Which life insurance policy is right for me?
Term insurance will cover your life for the length of the policy, while you pay your monthly premiums – so it provides protection for a specific period of time or term. This type of policy pays your beneficiaries if your death occurs within the period of time you're covered. Otherwise, it expires with no value.
Typically, these periods of time, or "terms", are offered in increments of 10, 20 or 30 years. If appropriate for you, we would look at your needs and recommend that you choose a length of time that meets the financial needs of your family. We would suggest you consider several factors like the number of years left on your mortgage and how many years before your children become independent.
If you choose a level term policy, the premiums you pay each month are fixed and will never change unless you change your policy. The payout also remains the same throughout the term, unless you change your policy.
Decreasing term life insurance is similar to level term – with one significant difference – the amount of cover reduces over time roughly in line with the way a repayment mortgage decreases. This type of insurance is usually taken out to help clear a specific debt – such as a repayment mortgage. As the debt decreases over time, so will the amount of cover.

Unlike term life insurance, a whole of life policy doesn't end when you reach a certain age – it lasts for the ‘whole’ of your life and is designed to pay out a cash lump sum on death, whenever that occurs.

The size of the payout depends on your policy - you decide how much cover you want. This amount is called the ‘sum assured’. This is the amount the insurer will pay if the insured person dies. With some policies, you can stop paying once you reach a certain age, but with others, you have to make monthly or annual payments right up until you die.

Life turns out a little differently for everyone, so the amount and type of protection cover you may need will depend on your personal circumstances. However, whichever type of policy you choose, if you are a parent, life insurance can give peace of mind that you have a plan in place to protect your loved ones – and we believe in the benefits of planning ahead, being prepared and taking care of tomorrow because life happens – after all, it wasn’t raining when Noah built the ark.

We also know that considering your options might seem daunting and that receiving professional advice can make all the difference. So, if you’d like to talk to an expert about your needs, please don’t hesitate to contact us and we’ll help to review your situation and help you to take care of your family’s future.