They say, "It takes a village to raise a child" - and you could say that's true of family life today. Both dual income and lone parent households are on the rise, and the costs of living and childcare continue to climb. In light of this, it's hardly surprising that more people than ever are relying on support networks of partners, friends and relatives to help them raise their families.
Who do you rely on? Here, we look at some of the areas in which it's common to receive help ? and then highlight how, when it comes to protecting your family's security in the long-term, a life insurance policy could provide peace of mind.
According to the Office for National Statistics' most recent figures, over two-thirds of families with dependent children contain two working parents so chances are you rely on both yourself and your partner to finance raising your family.
Affordable childcare can be hard to come by, with the cost of sending a child under two to full time nursery averaging over £250 per week. For many parents, these rising prices are difficult to meet, leading them to rely on informal childcare provided by friends or relatives instead. In fact, according to a government report released in 2019, 33% of families in England with children aged 0-4 relied on informal childcare at some point in 2019.
It's a tough time to be raising a family: we've experienced a global pandemic, and the cost of living continues to rise. Add other expenses like education and childcare costs into the mix, and it's easy to see why relatives are often happy to offer some form of financial assistance; for example, according to a Save the Children report from 2014, British grandparents contributed over £8 billion towards their grandchildren's support in just one year.
It's not pleasant to think about, but it's important that you consider what would happen to your family if you or your partner were to unexpectedly pass away. Who would your family be able to rely on financially?
While your support network would undoubtedly do their best to assist your family in any way they could, the fact is that life insurance is often the only sure way of guaranteeing your family's long-term financial security. If the worst were to happen, a life insurance payout could be used to cover funeral expenses, mortgage repayments, childcare and other everyday costs - relieving the pressure on your loved ones and saving your family from unnecessary stress and anxiety during an already difficult time.
At Compare Cover, we're dedicated to helping people protect their world for less. As a specialist online insurance comparison service, we are committed to ensuring you can find the right life cover at the best possible price.
Our comparison tool allows you to quickly compare quotes from different life insurance providers in one simple search. It's free, fast and incredibly easy to use. If you're ready, compare life insurance quotes now.
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