Why life insurance was the first thing I bought after becoming a parent

* AD This post is written in collaboration with Responsival

I've always been a free spirit and before becoming a parent I really didn't think much about the future, all I wanted to do was travel as much as possible and experience as much of this beautiful world as I could. I spent 2yrs backpacking and working across Europe, I was carefree and without much of a plan and while I'm still like that now nothing made me realise more how important my life was until I had kids. 

I suddenly felt a weight of responsibility that I had never had before, to make sure they would be looked after should anything happen to me. When I  became a parent I had settled down a little more, had a reliable income although I was actually in the process of going freelance and self-employed but I had very limited savings and while I had a wealth of travel memories and experiences I didn't have much in the form of financial gains for my kids. 

So for the first time in my life, I found myself researching for life insurance for parents as I simply wanted some security that my kids would be left a lump sum of money that would get them through school, maybe purchase their first car or help with University and take the pressure off and give them a good start and while it can be a bit morbid to talk about our own mortality it's also a very important one to have discussions about especially as none of us can predict the future. 

After becoming a parent I realise how much having children costs and who would pay for these costs if something happened to me? I couldn't expect their grandparents to not only take on the child care but also the costs such as food, clothing, birthdays, sports, activities etc but life insurance can also help to pay off other things such as debts and mortgages. 

I was actually quite shocked in a good way at how reasonable life insurance was, my first life insurance was a 5yr term at around £6 per month, I was around 26 at the time I took it out, fit, healthy and non-smoker meant I got a really good deal. Once my initial term ended I shopped around again for another life insurance, which I've now taken out for 10yrs at £7 a month and despite trying to have as little out-goings as possible it's one of the things that gives me the most reassurance than anything else I have done since becoming a parent. If you feel a bit overwhelmed or don't know where to start - here is a really handy unbiased guide to life insurance for parents. 

If you read my blog regularly you will know I love to travel and explore locally and further afield with my kids, we love trying new things out and enjoy hiking, bouldering, SUP, surfing etc and making the most out of this one precious life and I do feel more assured know I am covered which means they are covered if anything should happen to me, allowing us all to enjoy the present to the fullest. 

Have you made any changes since becoming a parent or had experience of taking out life insurance? Would love to hear about your experience or tips in the comments below.