Life insurance for young families

Are you starting a family? Or maybe you already have a growing family that depends on you? Regardless of whether you’re getting ready to welcome your first bundle of joy or if you already have a couple of ankle biters on the verge of starting school, life insurance could be something worth considering, especially if you’ve ever worried about your young family’s future and financial health if you were no longer there to provide for them.

The Real Working Parents Report 2024 found that 1 in 2 (49%) working parents feel that the greatest pressures they face are making sure their family is financially stable now and in the future. Having life insurance in place is one simple thing parents could do to financially protect their family if they are no longer around to support them.

Life insurance as your family grows

Entering parenthood is a joyful time for couples but it can also be a financially challenging one – managing the cost of raising kids is no child’s play! There are daycare costs, baby clothes, diapers, baby formula, and learning and development toys – and the list goes on. 

Plus, if your kids are going to school, there’s school fees, stationery, tech gear, sporting equipment, and hobbies like music or art. On top of all this, there’s utility bills, the mortgage or rent, and your other daily expenses. And let’s not forget, family holidays and other activities you’ll have to budget for. Taking on all these financial responsibilities can be quite the juggling act.

The Real Working Parents Report 2024 also found that 3 in 4 (74%) working parents found childcare and education expenses challenging. So, if you are concerned about how your family would cope with these expenses if something happened to you and you were no longer around, then life insurance could provide you with financial peace of mind that your family would be taken care of.

Is it too early to get life insurance?

It’s up to the individual's circumstances around whether to obtain life insurance and when is the right time, however life insurance can potentially come in handy at every stage of life, whether you are single, part of a couple, a young family, established family or a senior. No matter who you are, you may wish to consider how to protect your family’s financial future, if the worst were to happen.

Even at an early age, life insurance may be worth considering, because as you age and experience health issues, the likelihood increases that your insurer will review your application and may offer cover under restricted terms.

With life insurance, you can rest assured knowing that you’ve taken the steps to protect your family’s financial security. If life ever takes a turn for the worse and something happens to you, your loved ones can receive a lump sum cash payment to use however required to maintain their quality of life.

Life insurance may also include cover if you’re diagnosed with a terminal illness, in which you can receive a lump sum payment that can help you spend quality time with your loved ones, without additional financial stress.