Safe and secure living is the right of all families. No matter what financial state a family is in, each member must be secure in knowing that they are able to depend on a helping hand should the need arise. The importance of having both parents is said to be crucial for a family’s well-being.
Sadly, the increasing rate of single parenthood has acquired the attention of many financial insurance companies primarily due to their vulnerability to the effects of the growing economic challenges that society is being faced with today. In fact, according to the recent study made by Beagle Street Life Insurance, families with single parents have a lesser chance of being financially assisted against life-altering events such as serious sickness or even death.
Current findings also show that less than one-third of society’s single parent families (those that have parents who never married, or those which have parents of the same sex) are protected with life assurance. This is becoming a serious issue; with the rise in the rate of newly discovered diseases, single parent families are dangerously prone to becoming ill and receiving little to no help.
It is very interesting to note that a significant portion of single parent families are either unaware of these predicaments or are simply ignoring them. In the 35.8 percent increase in unmarried couples, only 31 percent of them decide to get life insurance. Likewise, in a rise of 40 percent in same-sex couple families, only 23 percent are insured in the event of death. The figures however, are comparably less when it comes to married couples, where only around 50 percent have sickness or death insurance coverage.
According to a well-respected Insurance company, the modern family is showing less interest in protecting their dependents with sickness or death insurance compared to the traditional families. This is most likely due to the concept of impracticality of having life insurance, as well as the difficulty of maintaining one because of average to low income.
It doesn’t matter what kind of family you may have; you must realize the importance of having you and your dependents financially assisted. Availing of life assurance and sickness coverage brings you peace of mind due to being assured that if ever a terrible tragedy arises in your family (such as you or your spouse dying), you will have one less issue to be worried about at such a tough time.
But often it can be hard to pick the right policy. There are so many companies out there and different types of life insurance as well. Family insurance policies can exist for single parents (both mums and dads), so you have to be sure you’re choosing one that best suits your needs. As such, it’s a good idea to get quotes on websites like lifecoverquotes.org.uk and other similar ones, compare prices, and terms, and then accordingly decide on which one to opt for.
After all, one must realize the need for someone else to look after and assist their families’ financial stability all throughout their entire lives. Although as parents, we intend to do our best to keep our family financially secure, we must come to see that there are things that are outside of our control, and when those things come, we must be ready and have a plan to face them. This could be of course in the form of insurance, assisted living or retirement homes, or even an IRA, for that matter. We must also have someone that we can hold on to so we and our families can remain safe and secure.
However, it is ironic to see that nowadays, where so many offers are being made to ensure people for their pension, so many die before they even get to their retirement.