New/Expecting Parent

Having a baby puts things into perspective – Life Assurance becomes a 'must' have.

If you're about to become a new parent, or if you've got a growing family, then now is a key time to consider life assurance.

Here at Vita Financial we specialise in helping people every day and can ensure you have peace of mind knowing your family's future is financially secure. Bringing up a child means families face many new and unexpected financial pressures. How will the following be paid for in your absence?

1. Childcare – As a new parent, you are not just providing financial support but also carrying out unpaid responsibilities in order to look after your child. This could leave your partner with expensive childcare costs, if one of the main family bread-winners passes away.
   
   The support you provide to your children and to maintaining your home is worth a massive £631 a week, that's £32,812 per year*.
2. Mortgage – Typically the main expense of most households. If you are a homeowner you may already have some protection in place, but the birth of a son or daughter is a good time to check that you have enough cover against repayments on your mortgage.
3. Education – Whether it's school fees, paying for education-related expenses such as school trips, sports kit and uniforms or university tuition fees, you may want to ensure your child's education costs are covered.
4. General Costs – From food and nappies to utilities and clothing, there are many goods and services that will still need to be paid for in the event of a death or serious illness in order to help the family maintain its current lifestyle.

If you are the main wage earner, it is important to cover the loss of future earnings and the impact of a reduced income. If you are not the main wage earner, think about the impact your loss would have on household costs, such as childcare.

* Legal & General's Value of a Mum survey, 2009

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