Five things to think about for the future of your new baby

Your baby may only be a few days old, but it’s never too soon to think about your child’s prospects.

You’ve brought your bundle of joy home for the first time.

For you, the key child-development milestones might extend to teething and your son or daughter’s first day at school. But aside from all the immediate practical parenting tips, some financial planning up front can save you (more) sleepless nights.

Pile of crayons

1. School

Right now, your main topic of parenting conversation might be why Baby Grows for 0-3 month-olds don’t fit your newborn, but a few years down the line your child might be trying to fit into all manner of different uniforms. Most people’s education plans don’t involve paying private school fees, but that doesn’t mean school doesn’t involve expenses. There will be kit to buy, extra-curricular activities to plan for and school trips. The list is, unfortunately, endless.

2. University

Many parents want their child to have all the opportunities open to them. That might mean university and it might not. “Do plan, but don’t become too fixated by the idea of your child following a particular life path,” says Liat Hughes Joshi, author of What to Buy for Your Baby. “The unexpected can and does happen.” It’s wise to have something put aside for all training eventualities – even if that’s the decade they spend writing their masterpiece in your spare room.

3. Wedding

Parenting styles differ and whether you’re likely to be a doting parent of the bride or happy to wave them off at the airport and hear all about it later, you might want to have something put aside for the happy day. After all, the average UK wedding now costs £27,161, according to 2017 research from Hitched.

4. Their first home

For now, their idea of home is wherever you are. But a few years down the line, you might find yourself helping your offspring on to the housing ladder. According to research from the Social Mobility Commission, more than a third of first-time buyers in England (34%) turn to family for help with their purchases compared with 1 in 5 (20%) seven years ago. Planning now could ensure their first home is adequate.

5. Worst-case scenarios

“It’s tempting for parents to plan only for the positive things that might happen to their child – that they’ll go off to university and get married,” says Liat Hughes Joshi, “but it is, of course, prudent to plan for less happy eventualities, too. The problem – especially when you’re full of optimism after the arrival of your newborn – is that this can be quite uncomfortable to contemplate. But it is wise to consider carefully who you’d want your child to be looked after by if the worst happened to you or their other parent – and to plan financially for this.” Joshi adds, “Speak to a solicitor about writing or updating wills and potentially adding a letter of wishes around who would care for your child/children as a guardian.” A good life-insurance policy will mean one less thing to worry about for those remaining and, with the choice of a lump sum or monthly income, you can rest assured that your children will be looked after.

Life Insurance

With Life Insurance, you can leave your family money when you die. You choose how much you want to leave, and how long you need the cover for. You make payments and in return, your family feels secure – because if you die while covered, you can leave them some money.

Different types of life insurance
cover to suit you

With our Life Insurance, we can help you find the right kind of cover to suit
your specific needs with our bespoke offers.

Level Cover

Can pay out a fixed amount, up to £500,000 to protect an interest-only mortgage or provide a lump sum for your loved ones

Find out more about Level Cover

Family Income Benefit

Get up to £2,500 as a monthly income for your family for the remainder of the policy

Find out more about Family Income Benefit

Decreasing Cover

Get up to £500,000 of cover. This reduces over time and can protect a repayment mortgage, or other debt that decreases over time

Find out more about Decreasing Cover

three brown teddy bears

6 good reasons choose us 

  • Be covered in minutes – with our easy online application.
  • Money that can make a real difference – up to a £500,000 single payment or up to £2,500 a month for the remainder of the policy. 
  • Payments start from £7 a month - that's only 23p a day! 
  • Extra peace of mind – we include Terminal Illness Cover, at no extra cost. 
  • Three types of cover to suit your lifestyle and budget – Level Cover, Decreasing Cover and Family Income Benefit
  • 2 million trust us – join policyholders across the UK who rely on us to protect their families - based on life and protection policies as at December 2017*.

*Based on Royal London life policies as at December 2017

Important things to know

Our Life Insurance has no cash in value – it’s a protection policy only.

If you stop making payments, your cover ends and you won’t get anything back.

You can apply if you’re a UK resident aged between 18 and 70, excluding members of the armed forces and reservists.

Serious Illness Benefit option

For an additional monthly cost you could add this extra protection (to Life Insurance) for you and your children over 30 days old. It gives you a financial safety net if you are diagnosed with one of the six illnesses that we define, and survive for 30 days.

If you add Serious Illness Benefit and a claim is paid, this cover ends, but Life Insurance continues.

Find out more about Serious Illness Benefit

Extra protection for your child

If you add Serious Illness Benefit for yourself, you also get Children’s Benefit cover at no extra cost. That means your children over 30 days old get cover for the same conditions defined by the Serious Illness Benefit and survive for 30 days. It pays out 25% of your Serious Illness Benefit, up to £25,000 giving you some breathing space to take time off work and care for them.

Find out more

Buy online

Getting a quote online takes just a few minutes.

Get a free quote about Buy online

Important Documents and Guides

Policy summary

Terms and conditions

Call us, we're here to help

0800 085 3281

Free from UK landlines and mobiles
Mon to Fri: 8am-7pm. Sat: 9am-5pm. Sun: 10am-4pm.