The decision to have children is probably one of the most important you’ll ever make. What nobody tells you, however, is just how many more decisions you’ll end up making. From names and paediatricians to car seats and formula, the choices can be truly overwhelming.
And it’s easy to understand why. When parents are welcoming a new addition to the family the last thing they want to think about is not being around long enough to watch their child grow up. The sad reality is that when the unthinkable does happen, too many parents have not made adequate plans or provisions for their minor children.
Next on the parenting to-do list is drawing up a last will and testament. This will states the parent’s wishes regarding how their assets are to be used for the care of their children. Considerations might include setting up a testamentary trust to cover the cost of private and tertiary education and other needs, details stating how the estate will be divided between the surviving spouse and the children, or who gets to keep the family heirlooms.
It must also be mentioned that creating a will is not a once-off exercise. Circumstances change all the time and it’s essential that wills are updated periodically to take any life changes into account, for example, getting divorced or having another child.
Should tragedy strike, life cover policies are one of the best ways for parents to make sure that their children are still able to enjoy all the advantages and opportunities that they had always imagined for them. But not all life cover policies are created equal. Talking to a trusted financial adviser is the best way to find a life cover solution that suits your needs and budget now, while the providing the peace of mind that comes with knowing that your family will be financially secure, no matter what.