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Do parents really need life insurance?

As the economic environment has changed in the UK, for the worse, more and more people are now looking at ways to reduce their outgoings and consolidate their financial position. One area of interest is the insurance market with many parents considering whether they actually need life insurance. So do parents really need life insurance?

Life insurance is one of those financial products which you hope you never have to use but which ultimately could prove to be something of a godsend to those you leave behind. If you're part of a family with children then in the event of one parent passing away this would leave increased financial and emotional pressure on the parent left behind. They may need to change their life, leave employment and ultimately the children will need to be looked after. If on the other hand, let's assume the worst-case scenario with two parents passing away, then this would leave the family behind with potentially very little in the way of financial assets once the mortgage has been paid off and other liabilities covered.

Life insurance is basically a financial lifeline for those you leave behind in the event of your untimely death and while it is not something we would like to readily consider, what would happen if we were to leave our loved ones behind and financially destitute?

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