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.
