For my children and for me: why take out life insurance

Replacement Medicare card

What would happen to my children if something happened to me? What if an accident prevents me from returning to work? We analyze how much it costs to have children in Spain and how life insurance can help you.

Being a father or mother is one of the most important decisions in a person’s life. And also one of the best. Although, of course, it has a difficult side. Increasing the family turns your life upside down, in many ways: new schedules, more responsibilities, more expenses…

When making the decision to become parents, there is an essential aspect to consider: how much does it cost to have a child? The economy is an element that cannot be separated from parenthood, even if it is the least beautiful part.

How much does it cost to have a child in Spain?

There are no exact figures, but there is consensus on one thing: being a father or mother is expensive. Different studies and reports have assessed how much money it means to expand the family. These are the figures estimated by various agencies, so you can get a rough idea.

  • In total, from 0 to 18 years old, a child costs between 116,000 and 355,000 euros, according to a study by La Vanguardia.
  • Between 98,200 and 301,200 euros up to the age of 18, according to the now-dissolved Spanish Confederation of Housewives, Consumers, and Users (Ceaccu).
  • At least 112,000 euros up to the age of 17, according to Save The Children.
  • More than 200,000 euros up to the age of 18, according to data from the National Institute of Statistics (INE). A person in Spain spends, on average, about 12,100 euros a year, the vast majority on basic necessities (food, clothing, education…). If we take into account that parents face all the expenses of their children at least 18 years old, the figure rises to 217,800 euros.

When it comes to having a child, there are many variables to consider, and that will affect your pocket. You don’t just have to feed them, dress them and take them to school. Maybe you need a bigger house, a new car or pay for their studies in another city, even if they are over 18 years old.

The future of my children: what if I am not here?

When we are parents, there is a question that we are afraid to ask ourselves: what will happen to my children if something happens to me? It is not a pleasant question, but it is an essential one. If you are not there, will they be able to continue studying at the university? Will they have enough money for all the plans you have made?

In order to answer all these questions, two decisions must be made.

Who will take care of my children

First of all, you have to think about who would take care of it. In the case of couples, it is a more or less simple answer: if one of its members dies, the other can continue with the upbringing of the children. But what if it is a single-parent household? What if both parents die? In those situations, this question takes on even more weight and needs to be asked early. The person you choose will assume a great responsibility: emotional, educational, and financial.

Will you be able to afford the economic cost?

Secondly, the economic cost of a child must be taken into account. If you die and someone else has to take care of it, the expenses will increase a lot. How will you face those more than 200,000 euros that a person supposes until they turn 18? Could you take over with his current financial situation? Perhaps the person who would stay with your children cannot afford the cost that this would entail. Perhaps you would have financial difficulties maintaining your standard of living. To avoid this, you have to rely on life insurance credit policies.

What can I do for the future of my children?

Once you have thought about who would take care of your children and how much money it could cost them, the most important question comes: how can I ensure the future of my children? The key is in the help that life insurance provides you. If all else fails and you’re gone, life insurance will make sure the economy isn’t a problem.

Thanks to these policies, you are certain that your family will have the necessary money to raise your children, even if you are not there. You just have to decide how much money you want to insure and to whom you want to leave it (your partner, your children if they are older, the legal guardian…). In our comparator you can check how much money it would cost you and, as you will see, it is barely a few euros a year. For example, a 40-year-old person can hire 100,000 euros from 71 euros per year. A very small price for the peace of mind it brings, right?

What if I can’t work?

There is another possibility to consider when you have children. What would happen if something happened to me and I couldn’t go back to work? How would you support the family?

For those situations, unfortunately very real, there is life and disability insurance. Not only do they cover death, but they would also compensate you if you suffered an accident or illness that forced you to request permanent disability or disability. Think that the Social Security pension is quite small and would make you lose a large part of your salary. However, your expenses and those of your family would still be there.

If you take a look at our comparator, you will see that a 40-year-old person can contract 100,000 euros in life and disability insurance from 118 euros per year. That means that if something goes wrong and you can no longer work (or even die), your children’s future will be safe.

Remember: being a parent is expensive, but it’s worth it. If you have a family or want to have one, don’t wait to ask yourself, what will happen to my children if I’m gone? Nobody wants to consider it, but it is essential to think about its future. Check prices on our platform and ensure the future of those you love most. Your children’s financial peace of mind barely costs a few euros a year: don’t leave it for tomorrow.

By aamritri

Leave a Reply

Your email address will not be published.

Related Posts