Future proofing

Figures from the Child Poverty Action Group show the cost rose in 2025 to £251,018 for couples and £290,807 for single parents.

Paul Paddock, CEO of Post Office Insurance, is urging new parents to plan early and protect their family’s financial future. Each year in the UK, around 26,900 parents pass away, leaving behind over 46,000 dependent children..

Life insurance is designed to provide a financial safety net to help cover things like mortgage or rent, childcare and education costs, as well as everyday living expenses.

Parents also need to be sure to choose the right cover and policy for their particular family requirements:

• Level cover - pays out a fixed lump sum to help maintain living standards if you die during the policy term.

• Decreasing cover - pays out a reducing amount over time and matches what you owe on a mortgage or other debts (loans and credit cards) to help loved ones pay them in your absence.

• Joint policy - covers two people, usually paying out on the first death. Often more affordable, but it only pays out once.

• Single policy - covers one person and can be tailored to individual needs. Some couples opt for two single policies for wider protection.

The Post Office life insurance calculator estimates how much cover is needed based on income, debts, housing costs and family needs. Paul Raddock advises:

1. Start early: The sooner you take out a policy, the more affordable your premiums are likely to be.

2. Review your policy regularly: Update your cover as your family grows or your financial situation changes.

3. Don’t rely solely on workplace cover: Employer-provided life insurance is helpful but often limited. It may not fully protect your family if you change jobs or your circumstances change.

4. Be honest when applying: Providing accurate information ensures your policy remains valid and avoids issues when making a claim.

Visit: https://www.postoffice.co.uk/life-cover/ life-insurance