Five ways to help you protect your loved ones

It’s natural to shy away from uncomfortable conversations—but avoiding them can make planning for the future much harder. A good first step is to choose a quiet time and place where you won’t be interrupted, and talk things through with your loved ones. These discussions might feel emotional at first, but they can be an essential part of preparing for life’s uncertainties.

Once you begin, you’ll likely find that it becomes less about emotion and more about making practical, thoughtful decisions together.

Not all parents have a formal plan for who would care for their children if they were no longer around. While it’s not something anyone wants to imagine, appointing a legal guardian could be a consideration for helping to protect your child’s future.

A legal guardian is someone you choose to look after your child if you pass away. This could be a trusted family member or close friend - anyone over the age of 18 who shares a strong bond with your child and would be willing to take on the role.

If you decide to appoint a guardian, the appointment needs to be made official.

One of the best ways of doing this is to make a will, where you can also say what you’d like to happen to your money, property and possessions when you die (otherwise known as your ‘estate’).

If you die without a will, the law decides what happens - which may not be what you'd have wanted. A will can also help with inheritance tax planning – potentially leaving more for your children to benefit from.

Another way to help protect your children (and give yourself some peace of mind) could be to consider a life insurance policy.

In the same way that home insurance covers your property, life insurance could help protect your loved ones financially in the event of your death. 

Our Life Insurance Plan only pays out a sum of money if during the policy term you pass away or are diagnosed with a terminal illness as defined in our policy and aren't expected to live longer than 12 months. This isn't a savings or investment plan - it only pays out on a successful claim. If premiums stop the cover will end. 

If you do take out a life insurance policy with us, you may also be eligible for our Free Parent Life Cover, which provides £15,000 of free life insurance for one year, per parent for each child under four.

If you're unsure about taking out an insurance policy, you might want to talk with a financial adviser. If you don't have a financial adviser, you can find one at unbiased.co.uk. Please be aware that you may need to pay for this advice.

When you're making plans for the future, it can help to seek advice from a qualified professional.

For example, a solicitor or specialist service could help you write your will. A financial adviser could help if you’d like to set up a life insurance policy in trust – which allows you to choose who you’d like to receive the money after you're gone.