Family

In the hustle and bustle of everyday life, it's easy to lose track of how important it is to take control of your family finances.

Doing so helps safeguard against financial pitfalls and also helps secure your family’s financial future.

Equally important, it sets a positive example for your children, teaching them essential life skills that will serve them well into adulthood.

A sad side effect of the Covid-19 pandemic is that the number of couples divorcing has steadily increased over the past 18 months. In the UK alone, one law firm recently reported that it has seen divorce instructions increase by around 30% since the pandemic began, and the UK’s Citizens Advice charity, which provides advice and guidance on a range of personal issues, has also seen a dramatic rise in visits to the divorce section of its website.

Better living conditions, medical advances and healthier lifestyles mean that people are living longer. Around a fifth of the UK population is now over 65 years of age and, it is estimated that by 2050, it will be one in four people.

As we go through life, we rely on our parents to care for and support us. However, with people living longer, it is increasingly likely that the roles will one day be reversed, and you may need to care for, and support your parents in the future.

Insuring your life is a slightly odd concept as it is one of the few things you pay for that you never actually benefit from! However, knowing your family will benefit financially if you die can be a great comfort to some people, but do you need it?