Advice Column, Hero Life, Money, Parenting, Pregnancy & Baby

New Parents’ Guide To Life Insurance

What to remember about life insurance when your a parent?

 

When you hold your newborn baby in your arms, it’s hard to imagine he or she will someday be all grown up. And that day arrives sooner than expected. Before you know it your little baby is riding a bicycle, going to school, applying for universities and soon don’t need you to hold their hand every step of the way. But, when your children are young you’ll want them to feel protected at all times and enable them to be successful one day. One way is getting basic life insurance in place to make sure their dreams and futures are protected.

Here are a few things to consider when thinking about getting life insurance cover for your family.

The cost of raising a child and education

According to News24 the cost of raising a child is approximately R90 000 per year. This may sound like a lot, but when you consider the costs of food, daycare, housing, clothing, education, and other activities, it makes sense.

A good education is something that can really put a lot of financial strain on your wallet in South Africa. It is projected that in 2023 it will cost around R55 000 per annum for a child to go to a public primary or high school. The cost of sending your child to university also ranges from R30 000 to R60 000 a year. Would your partner be able to cover all these costs if you were no longer there? Unless you have a lot of savings or are a trust-fund-baby yourself, most people’s answer would be no. Life insurance is a smart way to ensure that your kids will be protected and get the education you intend them to get if the unthinkable should happen.

To plan for sufficient cover, think about the monthly expenses your child (or children) would need covered until they are old enough to support themselves or just use our calculator to calculate the expected cost of their education and your other needs for you.

As your life changes, the cover you need will change too

Your life insurance needs will change over time. As you expand your family or when you take out a bond, your life insurance needs grow. As your kids become older, you pay off your debt and your savings grows, your life insurance needs become less. By actively managing your needs to pay for just the right amount of cover over your lifetime, you will save a lot of money. Most life insurance policies are not easy to change, but Hero Life your life insurance policy is flexible. When your needs change with time you can adjust your cover online with no extra hassle with just a few clicks – no agents and no paperwork involved.

Life insurance can be very affordable for new parents

While buying a life insurance policy might feel overwhelming, it’s really not. Or at least, it doesn’t need to be overwhelming. If you’re a parent, Hero Life provides a simple and easy process with affordable rates. We designed a product specifically for young parents they are generally safer, more responsible and healthier individuals ensuring an affordable rate for all. But, we can also help other parents finding the best provider at the best price.

Ready to consider your life insurance options?

Follow these steps:

  1. Understand how much cover you need. The best way to estimate your cover is to use Hero Life’s insurance calculator the expected costs of your kids education and other needs you may have in less than 5 minutes! It is extremely important to be fully aware of your future needs. The only thing that is important with your life insurance cover amount, is that you have the right amount of cover at a given time.
  2. On our website, check the premium associated with the amount of cover chosen. It will show you how much you would expect to pay each month for cover. You can easily reduce the cover to fit your budget and you can always apply for more cover later.
  3. Get covered. If you are happy with the cover amount and the premium, the process to apply for cover can take less than 5 minutes, and you’ll get immediate cover. If you pay your first pro rata premium, cover will begin immediately and you can cancel your policy at any time, no questions asked. You can also change the cover amount at any time with no fees or penalties. You are also welcome to chat to the Hero team directly over the website or via WhatsApp at any time for any assistance or information required.

Life insurance plays a significant role in the protection of your family. Taking you less than 5 minutes anyone has time to apply. Apply now to protect your family and become the Hero they need you to be.

 

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