Susan works as editorial assistant and researcher on personal finance stories. She also writes on a number of breaking news stories, as well as offering great money saving tips to shopping-savvy consumers.
**With less than a week to go to Father's Day, Defaqto has highlighted the importance of life insurance for families. **
Figures show that there are over 790,000 babies born in the UK every year and with many men celebrating Father's Day for the first time this Sunday, the independent financial research company stresses the importance of financial protection for the family.
Looking at the key areas that new parents should consider, life insurance is high on the agenda.Life insurance provides loved ones with a lump sum in the event of death, ensuring that the dependent will have the financial stability to continue to commitments such as a mortgage.
Some life insurance policies feature a waiver of premium, this would pay out insurance premiums if a member of the household was unable to work due to sickness or disability. Guaranteed insurability options allow parents to increase their life cover on the birth of further children without further medicals.
At a time of economic instability Defaqto highlight the importance of income protection, this pays out 50 per cent and 75 per cent of someone's income if they can't work because they are sick or disabled and can't provide the financial support their dependants need.
Critical illness cover pays out a lump sum of money if someone is diagnosed with one or a number of pre-defined serious illnesses or conditions.
"It is always important for people to have appropriate protection in place for their circumstances. However, this becomes particularly crucial when children come into the equation to ensure that they will be provided for financially if something were to happen to one of their parents. Even if parents already have some cover in place, they should review this regularly as their family expands,” said Ben Heffer, Defaqto's Insight Analyst for Life and Protection.
Whilst many are celebrating the joys of fatherhood this weekend, many could turn their attention to finding cheap life insurance for future protection.