When you have children, it may be a good idea to check your insurance policies to ensure you are all offered financial protection - both during pregnancy and after delivery. Going on maternity/paternity leave will often have implications for your retirement planning.
Maternity/paternity leave reduces pension savings
Going on maternity/paternity leave may have implications for your pension savings as lower contributions will often be paid into your pension scheme while you are away from work. You may fall behind in your pension savings, and it is therefore important for you to consider whether or not you should recover the lost ground and to be aware of your choice.
A secure future
When your child is born, it may be a good idea to protect the child financially in case something happens to you. You can do this by setting up a children’s pension scheme, which will guarantee the child a regular monthly income until he or she turns 24.
If something happens to you
Also consider whether your partner can afford to support the child and stay in the home if something happens to you. Your child will automatically inherit a substantial part of your property. It is therefore essential for you to ensure that your partner receives some of your life insurance benefits so that your family can feel safe and secure by staying in their normal surroundings even if you die prematurely.
Will appointing a guardian for your child
As parents you can draw up a will in which you explicitly state the name of the person you would like to be the legal guardian of your child if you die before the child comes of age.
Talk to us
Talk to us when a baby is on the way. You are always welcome to call us or write to us, and we will be pleased to advise you on how to protect yourself and your family and make the most of your pension savings and insurance policies.