Five things to put on your family protection 'to do' list

It’s understandable why people prefer to avoid awkward topics of conversation, but if we can’t talk about something, it’s impossible to plan for. To get the started, pick a time and place when you won’t be disturbed and discuss things with your partner and/or immediate family.

Once you start seeing that making these plans is an unavoidable part of life planning, it becomes less of an emotional and more of a practical task.

Not all parents have a formal, written-down plan of who'd look after their kids if they weren't around any more. Appointing a legal guardian is something parents ought to consider.

Put simply, a legal guardian is someone you can appoint who will take care of your child or children if there’s no-one else with parental responsibility to look after them. It can be anyone over 18-years-old, so a family member or a close friend who has a connection with your children could be a good choice.

While hopefully they'll never be needed, choosing a guardian is a must-do. If you don’t appoint one and both parents die, your child or children could end up in foster care while the courts appoint a guardian of their choosing.

When you’ve discussed your plans and chosen 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 who gets what, and it may not be the people 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) is to consider a life insurance policy.

In the same way that home insurance covers your property, life insurance covers you, and pays out if you die while you have the plan. This means that if the worst happens, your family could use the money to pay for everyday bills and expenses – helping them to maintain the lifestyle they currently have.

If you’re unsure how much life cover you’d need, our easy-to-use life insurance calculator can help. What’s more, we will also give you £15,000 of Free Parent Life Cover for one year if you have a child under 4-years-old.

Find out more about how we can help protect your family, or speak to your financial adviser.

When it comes to making the sorts of plans we’ve mentioned above, the help of an expert can be invaluable.

For example, a solicitor or specialist service can help you write your will. A financial adviser may also be worth speaking to, especially if you’d like to set up a life insurance policy in trust – which allows you to choose who you’d want to benefit from the money.