Did you know that the cost of childcare in the UK is the highest in the world?
Typically a two child family in the south east pays out £30,000 a year in childcare!* This tells us how valuable a stay at home parent is and what it would cost to replace them should they be unable to keep up their work. Can you afford the alternative?
If you are not lucky enough to get some sort of family help and friends support, then it might be wise to think about some insurance to help ease the blow of something like long term illness of the stay at home parent. This type of insurance isn't designed to cover short term illness like flu or tummy upset, but a saviour in a long term crisis.
You can set it to begin after a month or two depending on how long you feel you could manage.
There are limits to how much income per month you can have for this type of insurance, but it would at least help take the sting out of the cost of hiring help.
You also set the time range for how long you'd like to be paid: such as 2, 3 or even 10 years. This will give you a chance to move closer to family or get the kids to a more manageable age.
Tailoring the cover can keep costs down whilst still delivering essential protection to pick up where the savings and generosity of friends and family has been exhausted.
Womens Wealth is here to help you explore whether you need insurance cover, how much cover, and for how long you'll need it. We research the marketplace and strive to find the best one for your circumstances.
As we don't take any commission there is no incentive for us to recommend insurance that is not wholly necessary or inflate the amount of cover you need to expand the commission we get. We are unbiased and on your side.
Talk to us and get your financial planning exactly how you need it to serve you and your family to the best effect!