As soon as you become a parent, you want to protect your child. That can mean childproofing your house, choosing safety-approved toys, buying food free of additives and preservatives, or making sure your family is provided for financially.
Protecting your child’s future becomes paramount as soon as you realise you have someone else to take care of whose life is more important than your own. One way you can offer this protection is with the right life insurance policy.
So, how can you choose the best life insurance for your family? Here are a few tips for choosing life insurance when you are a parent.
Don’t Undervalue Non-Working Parents:
If you or your partner is a stay at home parent, or only works part time, it can be easy to undervalue the actual work that is carried out at home. With day-to-day chores, it can be easy to forget the monetary value of your time.
You can spend your whole day looking after the kids, cleaning, cooking, shopping and taxiing your family around. However, if you were not there, how much would it cost to employ an outside party to perform these tasks? When you are thinking about life insurance, remember to take into account work that is done at home, not just income that comes into the household.
Tailor Your Policy with a Rider:
Many life insurance providers offer different ways to tailor their policies. You can choose the level of cover you need, the size of your payout, and you can add extra features – or riders – on to your policy.
These riders can include Return of Premium rider, which returns your premiums if you outlive your term policy. Or a Critical Illness rider that offers an early payout if you become critically ill. If you are a parent, you may want to consider a Child Protection rider. This rider is usually free, and means you can add cover for your children onto your policy at no extra charge.
Everyone knows raising kids is expensive, which means it’s important to always get the best deal. When it comes to life insurance, the best way to get the best deal is to shop around. Use a comparison site to find out what’s available, and what kind of policy would be best for your family. Compare prices, features, and choose an insurer that can be trusted. Never skip out on reading the small print, or you may find yourself in trouble later on down the line. Alternatively, you can visit a provider’s site (such as the one at this <a href=”http://www.suncorp.com.au/insurance/life-insurance”>link</a>)
directly and get a quote from them.
Only Buy What You Can Afford:
Life insurance can be costly – but it is worth it. The key to choosing life insurance is knowing what you need – and what you don’t need. Use an online calculator to figure out how much cover is right for you, and think about all your debts and dependants. If you are still unsure, speak to an independent insurance adviser. Knowing where you stand will mean you only buy the life insurance you need, and the cover that is right for you.
Complete Your Own Paperwork:
In some families there will be one partner who always completes the paperwork. However, when it comes to applying for life insurance, you should always fill out any paperwork that pertains to you. Even if you and your partner have been together for decades, mistakes can still be made. And the wrong kind of mistake can lead to a claim being denied or a policy being voided.
[This post brought to you by Ryan Bauer and the Suncorp Life Insurance Group. Life insurance is an important step towards protecting your way of life, and that of your family. Suncorp can help to offer this kind of protection, to give you peace of mind and financial support when it's needed most.]