If you’ve recently become a mother for the first time, firstly, congratulations! It’s an incredibly exciting time filled with a huge spectrum of emotions from elation to the inevitable exhaustion. However, it’s also likely that you’re going to face less positive feelings, especially when the initial flurry of changes settle down into something resembling a routine. Many parents find that the weight of responsibility immediately follows this happy time in their life. You’re no longer making decisions just for you and, should anything happen to you, do you have a plan in place for the future of your child? Here are some of the most important tasks to tick off your list to protect your child.
Get Life Insurance
If you haven’t already, it’s a very good idea to take out a life insurance policy. If the worst should happen and you (or your partner) pass away, this policy will help your family financially. This could include the funeral costs, potentially go towards a mortgage or even the care of your children. There are lots of different types of life insurance to consider including fixed-term policies or whole life cover. Each policy will be unique to your life and family, so it’s not as simple as getting car insurance or home insurance. You can visit locallifeagents.com for more information on taking out life insurance, tailored advice, and policy quotes.
Write Your Will and Testament
Your will and testament should be a priority for you to officially record what you want to happen with your home and money after your death. Even if you don’t believe that you have any property or assets which will need managing, it’s still crucial to go through the process. You will also outline who you want to care for your children to avoid them having to spend time in foster care before the courts and your family decide what is best. Dying intestate (without a will) can cause a lot of confusion and unnecessary distress for your family. You can find a solicitor who can advise you about your will writing options and get your wishes made formal, or you may choose to write your own will for free. If you change your mind or your circumstances change in the future, you can always amend the will.
Private Medical Insurance
It’s a personal choice in the UK as we have access to the NHS, but you may want to consider private medical insurance for your family. It will not cover all conditions (or any pre-existing conditions) but it may provide extra peace of mind should your child need specialist care. Private medical insurance often enables you to choose the hospital you would like to receive care from and can mean you receive care quicker than waiting for the NHS. Find out more about the benefits of private medical insurance. Some employers offer private medical insurance in their benefits, so it may be worth checking if you’re entitled to this before you take out a policy.