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Life Insurance for Young Families

taking care of the what ifs

Having a baby is great (not that I’d know much about it, us menfolk have to deal with the horrors of manflu, how unfair would the lord above have been to lumber us with pregnancy too).

But those days after baby arrives, they suck – all that projectile puking, pooing and peeing, lack of sleep, making bottles, changing nappies, mouli-ing vegetables and worst of all minding his nibs if you had the sheer audacity/stupidity to have a few beverages the night before. Kill me now!

Some people lie say it’s the best time of their lives – they need help.

They’re the same nutters that say your schooldays are the best time of your life – more lies, unless you enjoyed getting spots, social incompetence and being skint all the time.

But I digress.

No matter how much we hate the wailing, the stench and the constant neediness of our kids, we love them all dearly – don’t we?

So we have to make sure they’re ok if we pop our clogs unexpectedly.

Remember, to a baby, we’re not really people, we’re just providers of nice stuff that keeps them warm and alive. If we’re not there to provide for them, who will?

So yeah, basically, we’re all just walking, talking pay cheques to little Timmy, Teddy and Tarqs. And how do you replace a pay cheque?

With a big ole life insurance cheque of course, and that’s where I come in.

What types of insurance do young families need?

I’m going to assume you have zilcho coverage at the moment either personally or through work. In that case, here’s what you need starting with the most important:

Income Protection

If you’ve just had a baby, you’re probably skint especially if it’s your first and you’ve just spunked loads of dosh on a top of the range buggy – don’t worry we’ve all done it. Our first born’s buggy came with it’s own chauffeur. When the twins came along we pushed them around in a Tesco trolley propped up with a couple of pillows.

Money is tight so you might say “how in the hell am I going to pay for income protection”

What I say is imagine your income stopped suddenly…

What then?

It’s a terrifying thought for a new parent / walking, talking pay cheque.

That’s why insuring your income is so important – it pays for everything. I’ve done this analogy to death but it’s the best I can come up with – if you had a money machine spewing out thousands of euros per month, would you put aside a few quid per month to insure it in case it stopped working.

Darn tootin you would.

You are that money machine, income protection is your insurance.

Income insurance will pay you a monthly income to replace a portion of your income should you become too sick or injured to work. It’ll continue to pay you until you get back to work or reach retirement age. Income protection will preserve your dignity, you’ve worked too hard to rely on handouts, but more importantly it will keep a roof over your head.

Read more about income protection

Life insurance

Although it doesn’t have the “OMG that’s so cuuuuuuuuuuuuuuuuute” factor of teeny, tiny booties – basic life insurance is essential if you have kids.

A life insurance policy is a real life Batman for your partner and child.

Michael Keaton – the best Batman TYVM

The proceeds of a life insurance policy can be used to help cover expenses like the mortgage, creche, and the other day-to-day essentials (Sky Sports HD). I recommend life insurance because it gives you protection that’s affordable* and that covers you for a specific period of time — like until the rug rats leave and get their own place, yeah right, as if that’s ever going to happen.

Also, your children get free life insurance when you take out a policy.

*When I say affordable, I mean cheap, if you’re a 35 year old non-smoker, you can buy half a million worth of 25 year cover for around €30 per month – that’s less than a euro a day. 

Read more about life insurance

Serious illness cover

Scary fact alert!

Ireland has the third highest rate of cancer in the world – ranked only behind Australia and New Zealand, according to a global report. Almost 600 people are diagnosed with invasive cancer every week.

If you get cancer, or any of the other 60 illnesses covered by serious illness cover, you’re likely to be faced with immediate, unexpected bills:

  • medical bills
  • travel expenses
  • structural modifications for your home

As a parent, unless you have savings or a wealthy benefactor, a serious illness could cripple you financially. Serious illness cover provides a tax free lump sum at the time you need it most to give you some breathing space so you can take time off work to get better / spend time with your kids while you can focus on recovery without worrying about money.

Read more about serious illness cover

Private health insurance

We don’t arrange private health insurance but personally, I’d recommend it. We have three kids and have used it a lot even though, thankfully, none of the kids have had serious health conditions.

Private health insurance and income protection are the two policies I wouldn’t be without.

Over to you

If you are a new parent, how the hell do you have the time to be reading this article? 🙂

Do you have hired help?

Have you just won €175m in the EuroMillions?

If you have, well feck life insurance, you’re sorted.

However, if you’re not an overnight millionaire and you’d like some advice on how best to protect your family, please complete this questionnaire before you fall asleep.

I’ll be right back with a recommendation over email that we can discuss over email (or the old fashioned dog and bne if you like to talk) whenever you get a spare minute.
Nick McGowan | making life insurance easier



Life Insurance
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