Life Insurance News
Savings and life insurance can fulfil children's dreams
New figures have shown that parents are sacrificing their dreams and aspirations as well as potentially undermining their finances to ensure their children have a fulfilling life.
Figures from leading child trust fund provider the Children's Mutual show that more than 5.5 million young people in the UK are being supported by their parents financially.
The organisation is now urging young parents to start early by protecting their children's financial future through savings in order to ensure their lifestyle is not hampered later.
"By starting to save for their child's future now, they can help avoid the struggles faced by the baby-boomer generation who regularly sacrifice their own dreams for those of their children," explained chief executive David White.
It is also recommended for parents to think of how their children would cope financially if they were to pass away.
One way to cater for this is by tasking out life insurance, which will ensure dependants have a financial cushion to fall back on by providing a lump sum or monthly payments after death, depending on the policy.
More than seven million British parents are without adequate financial protection, according to recent figures from Bright Grey.
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