Are Parents Choosing NETFLIX Over their Children’s Future?

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Are Parents Choosing NETFLIX Over their Children’s Future?

May 2019

Mums and Dads could be putting their children’s futures at riskNetflix app on smartphone

An ever-growing subscription culture in the UK makes it all too easy for people to splash out with small monthly payments for the purpose of entertainment. Whether it’s Netflix, Amazon Prime, Spotify or Xbox Live (maybe even all of the above!), there is one crucial direct debit which many parents fail to set up – life insurance.

What is the best way to protect your child’s future?

There are a number of ways for you to protect your family while you’re still around, financially or otherwise, but should you pass away before your children come of age, there is every chance that they could be left without more than just a parent – at this point, a Netflix subscription won’t provide much comfort to anybody.

The overriding reason for parents choosing not to take out life insurance policies is that they are deemed to be expensive – and we get it! Raising children is expensive enough as it is, without having to make monthly payments for a policy which (like any other type of insurance) you hope that you’ll never need to take advantage of.

But contrary to popular belief, life insurance isn’t that expensive at all. In fact, you can get a comprehensive policy for cheaper than you’d pay for the average subscription service – a small monthly payment could provide your loved ones left behind with a lump sum of £150,000 or more.

Of course, your life is there to be lived and entertainment services are a big part of people’s lives in the modern day, but investing for your children’s future should probably be a priority.

Why do I need life insurance? – Life insurance to protect children

How would your family cope without your income? Losing a loved one is tough, but losing a parent, (particularly as a young child) can be devastating. Taking out life cover can, at the very least, ensure that your children aren’t forced to go without when you’re no longer there to support them.

Think of the financial support that you would have provided not only now but in the future. Some of your life insurance payout can be allocated to help pay for weddings, first cars, first homes or further education.

Life insurance won’t just benefit your children, it is for your whole family. Your payout may allow your spouse to cut their working hours to help them cope with an increase in domestic workload, or pay off an overhanging loan or mortgage.

Do I need life insurance if I’m single?

If you’re a single parent whose children rely on your income, then a life insurance policy should be of high priority to you. Even if you don’t have children, you should take things like funeral costs or any outstanding debts into consideration.

Also, bear in mind that you may start a family of your own in the future. If it is possible that your health could deteriorate (your family might have a history of heart disease or cancer), you could struggle to get cheap life insurance at a later date – typically the younger and healthier you are, the cheaper your life insurance quote will be.

How much is life insurance?

The cost of your life insurance premium will depend on your answer to the question: how much life insurance do I need?

To work out how much life insurance you need, consider the following factors:

  • The necessary payout – the lower your potential payout, the easier it will be to find cheap life insurance.
  • The type of life insurance you need – whole of life, increasing term, index-linked etc.
  • Your age – the older you are, the more expensive your policy will be.
  • Whether you smoke or not – for obvious reasons, smokers pay more for life insurance.
  • Your hobbies and lifestyle – those who partake in extreme sports pay more, for example.
  • Your health – if you have a history of health problems, expect to pay more for life insurance.

Cheap life insurance with Quick Quote

To find the cheapest life insurance for you from some of the top providers in the UK, simply complete the quick quote form and in less than 2 minutes you will have your indicative quote and have taken the first step towards protecting what matters most – to you.

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