According to recent research1 the average expenditure by couples becoming parents for the first time has increased by more than 18% since the same survey was first conducted in 2012 and now stands at £1,645. This is the equivalent of more than £469m a year across the UK.
Protecting your new arrival and family Essential items on your list will obviously be things like prams, cots and car seats. However, preparations for the new arrival do not always extend to important long-term financial planning. Although around six in ten parents-to-be have started a savings account for their baby, little more than a quarter (27%) have taken out life insurance.
Add financial protection to your list of essentials
It’s important to consider what could happen if you weren’t able to provide for your family; so that your little one would stay safe, be well cared for and have a roof over their head if you were no longer here.
Taking out life insurance doesn’t have to be complicated. Come to us for sound advice on finding the most suitable life insurance policy for your circumstances, giving you ultimate peace of mind.
This material is for information purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance or any other financial product, you must obtain individual advice regarding your requirements and general policy conditions. The presented information & data are valid at the time of publishing.
Source: Quilter Financial Planning – Essentially Mortgages Q2 2020