Family life insurance may be relevant to those newlywed couples who are already proud parents or are planning to become new parents.
When arranging life insurance, newlyweds need to take into account the cost of raising a child and how one parent would cope on their own.
According to research from Child Poverty Action Group, the average cost of raising a child to 18 years in the UK is £152,747[4].
A life insurance pay out may need to go towards funding additional childcare so that the surviving parent can return to work.
The average cost of full-time nursery childcare in the UK is a staggering £263.81 per week for a single child[5].
It's also likely that a family will be affected by the loss of income from the deceased partner, particularly if they were the main breadwinner.
Although it's a common misconception that stay-at-home parents don't require cover, they're equally important.