3 Common Mistakes Parents Make With Life Insurance…

According to Legal & Generals 2015 Value of a Parent research* only 53% of parents in the UK have life insurance? This worrying statistic reveals that many parents are not looking towards the financial future of their family. In the following article we are going to reveal the 3 main reasons and common misconceptions parents have when it comes to life insurance:

1) Too Expensive

• Life insurance may be perceived as simply a luxury to parents who are not willing to pay a small fee every month. Arguably the most common reason parents opt out of life insurance, is due to the prices they believe their insurance will cost them. However many are surprised in the prices they receive. Contrary to popular belief, rates have decreased significantly for life cover policies. For example, there is a noticeable price decrease if a customer is under the age of 50, along with being a non-smoker, they could qualify for £3 a week policies that offer from £60,000 worth of life insurance. Someone who is 30 years old however would be able to get the same amount of cover for less than £1.50 a week. This just goes to show that the earlier you get life insurance the cheaper it is, so it’s important not to put it off!

2) Parents don’t think they are eligible

• As a parent it will be your primary objective to do what you can in order to provide for your children and their future. However many are put off by life insurance, due to the negative myths that some may believe; But you can still qualify for life insurance with an existing sickness or injury. Although your premium will be marginally higher, you may still be able to get cover. It’s worth a quick quote to check, rather than never knowing what may be available to you.

3) Underestimate the value of life insurance

• Many can underestimate how much parents are actually worth, in terms of their day to day contributions. Legal & General has identified that the average value of a mum is worth £32,812 and a dad is worth £23,971 in an average 74 hours per week in which parents spend on general chores, childcare and house hold costs. This figure would prove hard for many families to replace if one of their parents was taken from them. An average life policy can help with household costs, education for your children and even protect your family from losing their assets from acquiring large debts, in which you have left behind.

If you want the peace of mind knowing that if the unexpected was to occur you or your family would be well prepared, why not get a quick quote? YourLifeCovered.co.uk gives you the chance to access a range of no obligation, quick quotes from different providers, all from filling out a simple form. Once you have answered a few questions, you will then get the chance to review these quotes with a member of their team to help you find the best deal. Don’t make the mistake of delaying life cover before it’s too late. Act now and fill in the short form below to protect your family today!

[life-form]

*Research carried out on Legal & General’s behalf between 24 April to 4 May 2015.