Experts are urging new and expectant parents to consider taking out life insurance, as it was found that very few parents have taken out a policy.
If you are a new parent, or a parent in waiting, taking out a life insurance policy is a good way to protect your family. You can compare life insurance with Money Expert.
Research by Aviva Insurance has found that less than one in five new or expecting parents take out a life insurance policy.
It was found that new parents spend a collective £425 million each year preparing for their first baby, but more than half have admitted to wasting money.
Expectant parents spend an average of £1,370 in anticipation of their first child, on things like clothes, cots and pushchairs.
But 60% of parents admit that, looking back, they bought several items that they either didnít use of could have done without.
ìHaving a baby – particularly a first baby – is a hugely exciting time for parents, so it’s quite understandable that people want to splash out and make everything perfect for their new arrival,î said Louise Colley, Head of protection marketing and sales for Aviva.
ìHowever, it’s worrying to see that so few new parents have really thought through how they would provide for their children if the worst were to happen and they weren’t around.î
It was found that parents are willing to spend money protecting their children around the home, with more than a third fitting smoke alarms and over a quarter fitting carbon monoxide monitors.
ìWe don’t think twice about taking steps to protect our children physically within the home, but not enough action is taken to safeguard the financial wellbeing of our families,î added Ms Colley.
ìWhile it’s understandable that people want to save for their children’s futures, parents need to ask themselves whether they would have enough money to meet their monthly outgoings if they were suddenly to lose an income.î
You can compare life insurance with Money Expert.