I know it’s a daunting thought, but have you ever actually considered the impact on your family if the worst would happen to your partner? It’s scary and something most of us probably want to avoid thinking about. But what if it really did happen? Putting aside the emotional turmoil and overwhelming feeling of loss that would inevitably come, would they cope financially? Would a family member help care for your children? Would you be able to work? This situation is frightening to consider. Those who have children know how costly it can be. When we think it’s getting easier, the financial support continues when they reach higher education. When does this end? Reports back in the 90’s showed that it was considered a child was dependant until the age of 18, which then grew to 21 and now statistics suggest until the age of 25. At either age, this is still a long time to support a child.
According to the 2020 Cost of a Child report form the Child Poverty Action Group, the basic cost of having a child who eventually turns 18 is £71,611 for couples and £97,862 for lone parent families. If you add housing, council tax and childcare expenditure, the amount it costs to raise a child rises to £152,747 for couples and £185,413 for lone parents.
*(Taken from Child Poverty Action Group)
Childcare costs have continued to increase in 2020, having risen almost continuously over the past decade. And in 2021 we have now taken on new challenges due to the coronavirus pandemic in keeping our children healthy and safe as well as properly fed, educated and entertained.
So, would you cope financially? Would an older parent, sibling help care for your child and financially support you if you were left with nothing? In all honesty, this would probably be a heavy burden so please think carefully about the impact of the unthinkable. I didn’t think and suffered what came next. Consider putting a life policy in place to protect those that may be left behind. It is easy if you are given the choice and information. Lizzie’s Life should provide you with all the information you need and if you need to speak with someone please contact us. Our aim is to help.
*Sources
https://cpag.org.uk/sites/default/files/files/policypost/CostofaChild2020_web.pdf