Life Insurance And The Cost Of Raising A Child
By Harvey McEwan
Life insurance products are one of the oldest forms of insurance. Designed to protect your family financially if youre no longer around to provide for them, life insurance policies tend to focus on your major assets (such mortgages and business), your lifestyle and your dependents (such as children or elderly parents).


So it is all the more pertinent that a report released by a renowned UK life insurance company (LV=) highlights that the financial burden of raising a child from birth to the age of 21 is currently at an average cost of �194,772 (�9,227 per year, �769 per month and �25 per day). Thats a phenomenal burden to leave your partner with if you were to pass away unexpectedly. This is precisely where life insurance comes into play.

Cheap life insurance needn't be below par insurance

For a nominal monthly premium, life insurance can provide your partner with the means to continue the lifestyle theyve become accustomed to and allow your children

to continue with the path in life you had intended for them to follow. So it seems all the more crazy that life insurance and other, supposedly "non-essential", protection policies are one of the first monthly costs to be cut during a hard times such as these. But the credit crunch makes no compensation for unexpected deaths.

Around �100,000 of the cost to raise a single child goes on education and childcare fees. Thats the sort of "essential" cover which would allow your partner to continue working in your absence (if required) and provide your child with the best start in life. And the cost of raising a child is rising � LV=s sixth survey shows a 4% rise since December 2007 and is up 38% over the five years since the survey began in 2003.

Those who are confused by life insurance policies have a number of options to hand. Online life insurance comparison tools can provide them with a simple way of finding the life insurer whos most suited to their protection needs.

Harvey is passionate about getting you the best insurance deals possible.