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By African Unity Life

Thu, 27 Sep 2018
African Unity Life

Whether you’re a new parent or your child is already in high school, there are certain financial decisions you need to make. One of those financial decisions is which insurance policies you should take out. Most people know they need car insurance and home contents cover. But what about the insurance policies that protect in the event that you are injured or pass away? The following three types of insurance from African Unity Life are important policies you should consider as a parent.  

Life insurance
Every parent should have life cover, especially if your children financially depend on you and you are the sole breadwinner of the family. You need to ensure that if anything should happen to you, they will be taken care of. This policy offers you peace of mind that if the worst case scenario occurs, your children won’t be left without the money they need to survive. Without life cover, your children may not be able to afford to stay in the same house that you’ve been paying off for years. They might not be able to afford the kind of schooling you’ve always wanted them to have. Or they could end up having work full-time instead of studying further. 

However, even if your children are older and no longer live with you, life insurance is still a good idea. You want to be able to leave them with some money in the event that you should pass away. They can use this money to pay off any debt they may have or cover unexpected medical bills. 

Funeral cover
Should you pass away, your family will want to have a funeral. Having just lost a parent, your children will need to have the chance to say a proper goodbye to you and pay their respects. The thing is, funerals are expensive. Your spouse, relatives or grown children shouldn’t have to worry about finances during such a difficult time. They need to grieve during that period and not think about how they will find the money to plan the funeral that you deserve. 

Funeral cover for parents is vital because you have a family who needs a time and place to find closure. A funeral is the best way for them to do this as they can memorialise you by sharing their fondest memories with your other loved ones. If they can’t afford the funeral expenses, they may not be able to hold a funeral, which means they won’t have the chance to say goodbye as they may have wanted to.  

Health insurance
Health insurance is important for the whole family. If something should happen and you or your child should become injured or very ill, you or they may need to go to the hospital. Unfortunately, some parents believe they are healthy enough to forego health insurance. This should not be the case. As a parent, you need to remain healthy and in good shape in order to look after your children. Without your health, you won’t be able to care for your family to the degree that you want to.  

There are many responsibilities that come with being a parent. And having the right insurance policies is one of them. If something should happen to you, you want to be able to leave your children in a good financial state. And that means having life insurance and a funeral plan. If you want to remain in good health in order to be the best parent you can be, health insurance is vital. Whether you are a new parent or your children are almost adults, it’s important you have these policies to financially protect your family. 

For more information on these insurance policies, contact us today.