Being a single parent family is already a tough job without the added worry of financial security. That is why it is so important to protect yourself, your dependents and your home.
Many single parents don’t have the security of personal insurance
Personal insurance is essentially any protection that covers you and your family. This could include critical illness, life cover and even income protection.
A recent research by Sainsbury’s Life Insurance found that two thirds of households with single, unmarried or same sex parents do not have life insurance. This is in comparison to 50% of families of married couples.
Obviously there is quite a large gap between these figures and it is unclear all the reasons why this is the case. However, particularly for single parents, it is even more important that you plan for potential future scenarios that could affect your whole family.
Your children are precious and you want to be confident that they will always be well looked after. If for any reason you can’t provide from them then you want to know that there is a suitable alternative. This is why personal insurance, like life cover, is so important.
Also, as a single parent it is important to consider comprehensive travel insurance, personal accident insurance and the correct level of home insurance cover.
How do you know if you are underinsured?
Even if you do have personal cover, such as life insurance, it can be hard to know if you have the right level for your situation. Because it will provide a source of income for your family if something happens to you, you obviously need to think about it carefully.
As well as personal insurances, consider the level of cover you have on your home buildings and contents, travel and even car policies – taking the cheapest policy may seem like a way to save, until something goes wrong and then you could find yourself stuck to find a large lump sum.
Here are a few questions to ask yourself to make sure that you choose the right level of cover for all your insurances.
- How old are your children? The younger they are the more cover you will need, and for a longer period in order to make sure that they are provided for until an age when they can legitimately look after themselves.
- What is your financial situation? Consider what debts you have that would need to be paid off, and also think about making a provision for funeral costs when choosing life cover. Consider what would happen if you were travelling and needed healthcare, or if your home was broken into and you needed to replace valuables or necessary items.
- How much cover do you need in total? Speak to your broker about your personal situation to tally up the total coverage you would need. Things to consider are how many years of income you will need to cover, home costs, debt and if you want to provide for further education costs. It all adds up, so you need to balance the level of cover you need with a premium you can afford.
- How do you find a suitable policy? Insurance policy costs will vary depending on various risk factors, such as your health and age, as well as the level of cover you want. As with all insurances, it is always important to shop around or choose a trustworthy broker to help you through the decision making process.
Speak to us
At All Med Pro we are a team of specialist brokers who can help talk you through your insurance needs – both professional and personal insurances. We have access to insurance policies to suit a variety of situations.
For peace of mind that you and your business reputation are protected, contact All Med Pro for all your insurance needs.
T: 0203 757 6950 (Medical Enquiries)
T: 01793 820 100 (Commercial Enquiries)
F: 0203 757 6951
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