Insuring Yourself FOR Your Children

Article published on 31st July 2008

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So many parents quite rightly and understandably spend a good portion of their income in an effort to keep their children entertained and happy - taking them on trips around the world and/or buying them toys, games sports equipment and so on.

But what happens if by some awful turn of chance both parents were to die suddenly. I know of one couple who were killed in a motoring accident while on holiday, leaving both their children orphaned. Fortunately the couple's parents had the money and the time to take care of their grand children, but this is sadly not always the case.

It is unpleasant to think about, but we must consider the impact that the loss of our lives would have on our children. Who would look after them and how well? Do other extended family members (if any) have enough money, free time and personal health to take care of them? If so, how well? Is it to a standard that you intended and would have hoped for your children were you not on hand?

Aside from day to day living expenses, what about extra expenses like university or further training/education? Would you leave enough money for your children to get the start in the world that you hoped for?

Life insurance becomes more vital when we start families. Our responsibilities increase drastically, because if we leave a spouse behind that is tragic but at least that person is an adult who can look after him or herself, all things being equal. With children this is a different matter entirely...

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