For my children and me: why take out life insurance – The insurance blog

For my children and me: why take out life insurance

What would happen to my children if something happened to me? What if an accident prevents me from going back 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 be 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 valued how much money it takes to expand the family. These are the figures that various organisms estimate, to give you a rough idea.

  • In total, from 0 to 18 years, a child costs between 116. 000 Y 355.000 euros , according to a study by La Vanguardia .
  • Between 98.200 Y 301.200 euros up to 18 years , according to the already dissolved Spanish Confederation of Housewives, Consumers and Users (Ceaccu).
  • At least 112.000 euros up to 17 years, according to Save The Children.
  • More of 200.000 euros up to 18 years , according to data from the National Institute of Statistics (INE). A person in Spain spends, on average, about 12. 100 euros per year, the vast majority in basic necessities (food, clothing, education …). If we take into account that parents bear all the expenses of their children for at least 18 years, the figure rises up to 217. 800 euros.

When 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 have more than 18 years.

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 essential. 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 had made?

In order to answer all these questions, you have to make two decisions .

Who will take care of my children

First of all, you have to think about who would take care of your care. In the case of couples, it is a more or less simple answer: if one of its members dies, the other can continue raising 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.

Can you afford the financial cost?

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

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, the most important question comes : how can I ensure the future of my children? The key is in the help that life insurance provides. If all else fails and you are gone, life insurance will ensure that the economy is not a problem.

Thanks to these policies, you have the certainty that your family will have the money necessary to raise your children, even if you are not there. You just have to decide how much money you want to insure and who you want to leave it to (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 person of 40 years 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 that must be considered when having children . What would happen if something happened to me and I couldn't go back to work? How would I support the family?

For those situations, unfortunately very real, there are 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 invalidity. Think that the Social Security pension is quite small and it 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 person of 40 years will be able to hire 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 father or mother is expensive, but it is 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 ask you , but it is essential to think about your future. Check prices on our platform and ensure the future of those you love the most . Economic peace of mind for your children only costs a few euros a year : don't leave it for tomorrow.

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