How insurance protects families of all shapes and sizes

Whether you’re a single parent, a stay-at-home parent, or a new parent, there are many good reasons to welcome insurance to the family. Here’s how insurance can help protect you and your loved ones, depending on your household’s shape and size. 

Growing families 

Having or adopting a child can be a great time to consider getting cover or increasing your existing level of financial protection. And that’s where cover types like life insurance or income protection are often worth considering. What’s more, if you have a mortgage, personal risk insurance can protect your family’s ability to repay it – so that they can secure a roof over their head if you are unable to work for an extended period due to accident or illness. 

There’s no one-size-fits-all insurance plan: the level of cover that’s right for you depends on your needs, goals, and budget. A fit-for-purpose insurance plan can give you the peace of mind that your children will be looked after, should something happen to you.  

Stay-at-home parents 

Unlike many people think, insurance is not just for the breadwinner in the household. Stay-at-home parents are multi-tasking extraordinaires who contribute to the family in more ways than one. So, what would happen if the stay-at-home parent in your household were seriously ill, injured, or worse?  

It’s not an easy scenario to think about, but it can have a significant impact – both emotionally and financially.  

Here, things like life insurance and trauma cover can make all the difference. For example, a claim payment could be used to cover childcare costs, transport, housekeeping and gardening – all tasks that the non-working parent may do. Plus, the working parent might need to take time off work to help around the house, potentially earning less: insurance could then help cover mortgage repayments and other unbudgeted costs.  

The bottom line? If you’re thinking about taking out insurance, consider carefully what cover is needed for both parents, not just the working one. 

Single parents 

If you’re a single parent, you already know that your children are your top priority. And this makes it all-the-more important to protect your family’s financial future from the unexpected. 

As the sole source of income for your family, income protection and life insurance are probably worth considering. Your family could use the payments to cover housing costs (mortgage or rent), pay down debt and other costs, and possibly even create a fund for your children’s tertiary education.  

On top of this, health insurance could give you access to premium private medical treatment, and depending on your policy, even cover non-Pharmac funded treatments. Plus, it may help you keep your health on track, thanks to screenings and other regular checks that may be included in the policy. Just what you need to get back on your feet, and by your children’s side, faster. 

Keep in mind that policy features vary widely from provider to provider, so get in touch with our friendly insurance advisers to learn more.  

Some key questions to assess your insurance needs 

So, how much is enough insurance for your family? It depends on your circumstances, of course. And these are some questions to help you get started: 

  • Who in your family relies on your income? 

  • Do you have a mortgage or rent to pay? 

  • Are you saving to buy a home, or other big-ticket items? 

  • How much debt do you have? 

  • Do you have a rainy-day fund, and how long is it likely to last? 

  • How much do you spend per month? 

  • How much cover can your family afford?  

  • What is your lifestyle like? 

Take a moment to consider these questions. Once you’ve identified your protection gaps, our team at LifeDirect can help you plug them.  

We’ve got you covered 

Whatever the size or shape of your family, insurance can be tailored to your needs. Use our quote compare tool to get quotes in minutes. And if you’re not quite sure what you may need, you can always contact our friendly team of insurance advisers: we’ll be happy to answer any questions you might have.  

Call us on 0800 800 400, start a Live Chat or fill in our contact form to get in touch with us. 

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance. 

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