For new parents there are a multitude of new challenges that need to be faced and many neglect the simple process of arranging life insurance to protect their family in the future.

According a leading financial analyst new parents are not covering their families in case of a tragedy despite life insurance being a relatively small expense for the amount of safety it can bring to the family.

Philip Person suggested that families should look towards a Family Income Benefit, which will provide a guaranteed income each month.

"Just at the time when your heart is full of joy at the birth of your newborn, the consequence of your death is probably least on your mind. Your child will be financially dependent upon you for many years to come and life assurance for many people is very cheap. There is simply no excuse for having inadequate protection," said analyst Philip Pearson.