{"id":26028,"date":"2022-12-08T08:38:00","date_gmt":"2022-12-08T08:38:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=26028"},"modified":"2023-01-21T18:17:44","modified_gmt":"2023-01-21T18:17:44","slug":"life-insurance-for-new-parents","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-personal-finance\/life-insurance-for-new-parents\/","title":{"rendered":"A Quick Guide to Life Insurance For New Parents","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
Once you enter the world of parenthood, life takes on a new twist: more joys, more care, and, well, more responsibility. That responsibility includes providing for your spouse and child financially even if something were to happen to you.<\/p>
Taking out life insurance<\/a> is one way to ensure that your young family remains financially secure in the event you\u2019re not around. But with so many life insurance policies, it can be tough getting everything squared away.<\/p> So here\u2019s a quick guide to life insurance for new parents.<\/p> No doubt kids are expensive to raise. According to the Child Poverty Action Group (CAPG) 2021 Cost of a Child report, the typical couple in the UK can expect to spend \u00a371,611 raising a child from birth up to the age of 18.<\/p> For lone parents or guardians, the cost of raising a child is around \u00a397,862. Keep in mind that this rough estimate is exclusive of childcare, housing and council tax. If you were to add those expenses, the amount would rise to a staggering \u00a3152,747 for couples compared to \u00a3185,413 for single parents.<\/p> Clearly, raising a child from crib to college is no mean feat. As such, it\u2019s in your best interest to get the cost estimate in advance. This will help you select a life insurance policy<\/a> that covers your loved ones for the period that you anticipate them to depend on your income.<\/p>Estimate the Cost of Raising a Baby<\/strong><\/span><\/h2>