Life assurance is likely to become essential when you have children, not only for protecting the mortgage but also for protecting your family’s general lifestyle against the possibility of your untimely death. If both partners are working, it can be a good idea to take out a joint-life policy.
Health insurance policies should also be reviewed and extended to cover spouses where appropriate.
The budgeting process should involve both partners, and should consider future responsibilities, such as the need to move to a bigger home and the possibility of needing to pay for school fees, university costs and weddings.
Opportunities to save tax-efficiently for your children’s future via Child Trust Funds and via stakeholder pensions should not be overlooked.Last Updated
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The key stages of financial planning
