At Lifeinsurance4mums we recognise there are many factors to plan and prepare for when you find out you are expecting a baby; from arranging ultrasounds to painting nurseries and picking the perfect crib. However, one area that many couples overlook, or are reluctant to consider, is life insurance. Therefore, if you are expecting a new arrival to your family then listed below are some of the reasons why you may wish to consider investing in life insurance:
1 – Achieve Peace of Mind
Many couples begin to consider taking out life insurance policies when starting a family because they want to do everything in their power to protect their unborn child.
In these instances, it can often prove worthwhile to arrange life insurance for pregnant women during your first or second trimester.
By doing so, you can achieve complete peace of mind throughout the remainder of your pregnancy because you will know that you have taken every precaution to protect your baby’s financial needs for the future.
2 – Safeguard your Child’s Financial Future
Depending on the type of life insurance policy in which you invest, you can arrange for different aspects of your family’s financial needs to be protected in the event of your death. For instance, you can stipulate that a lump sum is to be bestowed upon your family, or you can plan for a regular income to be distributed throughout the course of your child’s life.
Regardless of whether you would like to allocate sufficient funds for your child’s tuition fees or you would like to accommodate for the day-to-day expenses that will arise when your child is born, by taking out one of these life insurance policies for parents, you can ensure that your child receives financial support when it is needed the most.
3 – Alleviate the Burden of Mortgage Repayments
As well as covering your childcare costs, you can also take out life insurance policies for parents that will insure the outstanding balance of your mortgage payments.
Often referred to as mortgage protection policies or mortgage life insurance for pregnant women, upon taking out one of these decreasing term life insurance policies, you can select the exact amount of cover you will need and your preferred length of plan.
Consequently, these particular types of life insurance policies will enable you to rest assured that you will alleviate your family from the burden of having to pay an outstanding mortgage balance in the event of your untimely death.