What would happen to my children if something were to happen to me, and if an accident prevented me from going back to work? We analyze how much it costs to have children in Spain and how life insurance can help you.
Becoming a parent is one of the most important decisions in a person’s life. And also one of the best. Although, of course, it has a difficult side. Raising a family turns your life upside down, in many ways: new schedules, more responsibilities, more expenses….
When you make the decision to become parents, there is one essential aspect to consider: how much does it cost to have a child? The economy is an element that cannot be separated from parenthood, even if it is the least beautiful part.
How much does it cost to have a child in Spain?
There are no exact figures, but there is consensus on one thing: being a parent is expensive. Different studies and reports have assessed how much money it costs to expand the family. These are the figures estimated by various organizations, to give you an approximate idea.
In total, from 0 to 18 years old, a child costs between 116,000 and 355,000 euros, according to a study by La Vanguardia.
Between 98,200 and 301,200 euros up to the age of 18, according to the now dissolved Spanish Confederation of Housewives, Consumers and Users (Ceaccu).
At least 112,000 euros up to the age of 17, according to Save The Children.
More than 200,000 euros up to the age of 18, according to data from the National Statistics Institute (INE). A person in Spain spends, on average, about 12,100 euros a year, the vast majority on basic necessities (food, clothing, education…). If we take into account that parents bear all the expenses of their children for at least 18 years, the figure rises to 217,800 euros.
When it comes to having a child, there are many variables to consider that will affect your pocket. You don’t just have to feed them, clothe them and take them to school. You may need to buy a bigger house, a new car or pay for their studies in another city, even if they are over 18.
My children’s future: what if I’m not around?
When we are parents, there is one question we are afraid to ask ourselves: what will happen to my children if something happens to me? It’s not a pleasant question, but it’s an essential one. If you are gone, will they still be able to go to college, will they have enough money for all the plans you had made?
In order to answer all these questions, two decisions have to be made.
Who will take care of my children
First, you have to think about who will take care of them. In the case of couples, it’s a more or less simple answer: if one partner dies, the other can continue to raise the children. But what if it is a single-parent household, and what if both parents die? In such situations, this question takes on even more weight and needs to be asked early on. The person you choose will take on a great deal of responsibility: emotional, educational and financial.
Will he or she be able to afford the financial cost?
Secondly, the financial cost of a child must be taken into account. If you die and another person has to take care of him/her, the expenses will increase a lot. How will he/she cope with those more than 200,000 euros that a person implies until he/she is 18 years old? Could he/she take care of him/her with his/her current economic situation? Maybe the person who would take care of your children cannot afford the cost. Maybe they would have financial difficulties to maintain their standard of living. To avoid this, you have to rely on life insurance.
What can I do for my children’s future?
Once you have thought about who would take care of your children and how much money it might cost, the most important question is: how can I provide for my children’s future? The key is the help that life insurance provides. If all else fails and you are no longer around, life insurance will make sure that finances are not a problem.
Thanks to these policies, you have the certainty that your family will have the money needed to raise your children, even if you are gone. You just have to decide how much money you want to insure and to whom you want to leave it (your partner, your children if they are older, the legal guardian…). In our comparator you can check how much money it would cost you and, as you will see, it is only a few euros per year. For example, a person of 40 years old can contract 100,000 euros from 71 euros per year. A very small price for the peace of mind it brings, right?
And if I cannot work?
There is another possibility to consider when you have children: what would happen if something happened to me and I could not go back to work? How would I support the family?
For these situations, unfortunately very real, there are life and disability insurances. Not only do they cover death, but they would also compensate you if you were to suffer an accident or illness that would force you to ask for permanent disability or invalidity. Keep in mind that the Social Security pension is quite small and would cause you to lose a large part of your salary. However, your expenses and those of your family would still be there.
If you take a look at our comparator, you will see that a 40-year-old person can take out 100,000 euros in life and disability insurance from 118 euros per year. That means that, if something goes wrong and you can no longer work (or even die), your children’s future will be safe.
Remember: being a parent is expensive, but it’s worth it. If you have a family or want to have one, don’t wait to ask yourself what will happen to my children if I’m gone? No one wants to think about it, but it is essential to think about their future. Check prices on our platform and secure the future of the ones you love the most. Your children’s financial peace of mind only costs a few euros a year: don’t leave it for tomorrow.