Millennials – Is Family Insurance on your priority list?

This is an article around Family Insurance by: Kathryn Foy, Office Manager and Business Case Handler at Open Vision Finance

Do you insure your car – Yes

Do you insure your pet – Yes

Do you insure the contents of your home – Yes

Do you insure your family – ?

When broken down into these very simple questions, I ask how valuable is your car/pet/belongings compared to your loved ones?

Have you ever thought….

• How would my partner/family cope without my income?
• Could they still afford the bills/mortgage?
• Would they be forced to sell up and move?
• Would the children loose out on the funds we had planned to gift them when they are older?

If the mortgage was protected it could be paid off, they could then concentrate on bringing up the family without financial constraints or worries.

Being a parent and a homeowner myself, it is so vital to me that my family are financially secure should the worst happen. I can sleep easy in the knowledge that should myself or my partner be diagnosed with a critical illness or worse die, I know that those left behind would be financially secure and only need to concentrate on looking after one another.

I have this security as I choose to take out Life, Critical Illness and Family Insurance cover so that in the event of tragic misfortune, money would not be something that my family needed to worry about.

On discussing my priorities with my financial advisers, they built a plan and options that best suited what was important to us and our needs. I was pleasantly surprised at how low these premiums were, in comparison to the benefit and the peace of mind that we now all had from making this sensible and necessary decision.

As I am now a ‘converted’ millennial when it comes to life insurance I completely see the benefit and regularly see articles where families have had to rely on their insurance pay outs due to unexpected tragic events. It’s these true-life stories that give me the reassurance that I am purchasing much more than an insurance product, I have secured my families future.

A frightening 75% of millennial parents are currently without life insurance, according to a study conducted by online platform Bestow. And a big reason boils down to not wanting to research it. In fact, 67% of young parents claim they don’t have time to sift through their options, and millennials on a whole don’t have time (or make time) to research this.

Of course, the increased levels of cover you purchase, the higher your premium costs will be, so that’s something you’ll need to weigh up with your financial adviser, who will devise a plan based on your circumstances and the budget you have available. Furthermore, don’t make the mistake of assuming that if one parent is a full-time caregiver, he or she doesn’t need insurance. If something happens to that parent, the surviving one will need to pay for childcare, to allow them to continue working and that’s a cost life insurance can help absorb.

Now the good news is that if you are younger, you have a pretty good shot at scoring a decent premium rate – assuming you don’t have any major health issues. That’s just another reason why it pays to get moving on insurance, that, and you never know when the unexpected might occur. It’s a hard topic to think about, but no one is immune to tragedy. You can however take steps to make dealing with such difficult situations easier.

No matter what type of life insurance you choose to get, the key is to secure coverage sooner rather than later. Being young doesn’t make you invincible, and there’s no reason your children or your spouse/ partner should have to suffer financially if the unspeakable does indeed come to be.

This can all seem very daunting; however, this is not a reason to put the matter to one side for another day that may never come. We at Open Vision Finance are experts in the field of Life, Critical Illness and Family Insurance. We are on hand to do the leg work for you and provide you with the best policies to suit your family’s requirements – so that you too, can sleep easy in the knowledge that you have protected your family in the best way that you can.

If you have found this article interesting or would like to arrange an appointment with one of our experienced financial advisers to discuss your family insurance, please get in touch with us on 01823 444022 or by email to advice@openvisionfinance.com.

Source – Business Insider The Motley Fool