Three things to consider for the future as a parent.

Becoming a parent is a huge decision, taking on the responsibility for another person’s life and well being isn’t a decision to be entered into lightly. It’s something that will change your whole life, and a responsibility you will have for {at least} 18 years.

Of course, it’s one of the best decisions in life, but one thing to consider is how much it will cost. There are the day to day costs – food, clothing, toys, etc as well as extras such as nursery/school fees, holidays, childminding, trips, and various other expenses.

While we all like to think that we will be here forever, as a parent it is especially important that we plan for the worst-case scenario.

Here are three things that are important to think about:

Term life insurance quotes

Life insurance is really an essential as a parent. If you were suddenly not here, how will your children manage financially? Taking out life insurance means that you have peace of mind that at least your children will be financially secure even without you around. There are a variety of policies available, so you will be able to set up one that perfectly suits your needs and will leave enough money to cover all that your child may require until they are independent

Who will care for your children?

Another important thing to consider is who will look after your children if something happens to you. Choosing a legal guardian means that you can ensure that your children end up in the care of the person you want. It’s important to think about how you want your children to be raised, and who is an option to appoint as a legal guardian. Setting it up in your will makes things a lot easier after your death, and ensures that your children are cared for in the way you wish from day one.

How you want them to be raised

A final step to consider is leaving some guidance on how you wish your children to be raised. It can be a good idea to write a letter of wishes, to be left with your will and given to your chosen guardian in the event of your death. This letter can leave details on any specific guidance on raising your child – a particular school you would like them to go to, where and how they might live. While it is not legally binding, it can bring you comfort knowing that you have laid out your plans for your child, and that though you may not be there to see it, they can still have the life you hoped to give them.

While the thought of leaving our children if we die is a terrifying thought, by putting a few plans into place you can at least be comforted knowing that they will be protected and cared for. We don’t want our children to suffer any long term trauma, so making transitions as smooth as possible will give them the best chance to heal and grow.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top