They say, "It takes a village to raise a child" - and that's certainly true today. Dual-income and lone parent households are on the rise, and the costs of living and childcare just keep climbing. 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 might provide the best peace of mind.
If you're raising a family with a partner, you may well rely on that partner's income to support your family. And this isn't just true for stay-at-home parents - according to the Office for National Statistics' most recent figures, over two-thirds of families with dependent children contain two working parents.
Affordable childcare can be hard to come by, with the cost of full-time supervision for a child under two averaging over £200 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 earlier this year, 40% of families in England with children under 15 have relied on informal childcare at some point in the most recent term-time week.
It's a tough time to be raising a family: we're still emerging from an economic recession, and the cost of living just keeps rising. 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, British grandparents contribute over £8 billion towards their grandchildren's support annually.
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 you rely on then?
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 support network and saving your family from unnecessary stress and anxiety during a difficult time.
At Compare Cover, we're dedicated to helping people protect their world for less. As a specialist online comparison service, we are committed to ensuring you can find the right life cover at the best possible price.
If you're interested in learning more about the best ways of protecting your family's financial security, visit our product guides to find out more. Or, to quickly compare quotes from different life insurance providers in one simple search, click here now to use our life insurance price comparison service. It's free, fast and incredibly easy.
The stage in your life and the responsibilities you have, rather than your age, should be at the forefront of your mind when thinking about whether life insurance is right for you.
Grandparents are often relied upon for babysitting duties during the summer holidays. Here are some ideas to help get you through the long break.