Planning

Protecting your family

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Protect your family's lifestyle if you found you were unable to work

The happiness and security of your loved ones isn't solely determined by money, but there's no doubt that raising a family is an expensive business. In fact, research published in the 2010 annual rebort by LV, found that a typical family pays an average of £201,809 to raise a child from birth to the age of 21.

It costs an average of £201,809 to raise a child from birth to the age of 21

With some careful planning you can safeguard your family financially, whatever the future holds.

First, ask yourself some important questions:

  • How would you cope if you were unable to work?
  • Would you still be able to pay school fees or support your children through university?
  • Could you maintain your standard of living?
  • Would you be able to manage long-term expenses (e.g. helping elderly parents with care costs)?

Financial protection

You could protect your family by taking out insurance that will pay out a lump sum or a regular monthly income if you die, suffer a serious illness or are unable to work due to an accident, sickness, or are made redundant. This financial support will help with bringing up your children and help towards the cost of other family commitments. It may also help towards any additional living expenses as a result of your incidents, such as converting your home for access or paying for child minders.

 

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Everyone's circumstances are different and what applies to one person may not be right for someone else. The suggestions above are based on a general assumption of each circumstance and they are not intended to provide advice or recommendation.