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Being a dad can be such a rewarding job, but it doesn’t come without its challenges. According to the Child Poverty Action Group, in 2019 the overall cost of raising a child to the age of 18 was £185,000 for a single parent and £151,000 for couples.

Between paying household bills and the mortgage, and covering childcare and everyday living costs, your family could struggle without your income. If something was to happen to you, life insurance could be a safety net for your loved ones. On average a parent dies every 22 minutes in the UK. While this is an awful thought, it’s an important reason to take out life insurance.

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Life insurance for young dads

Sorting out life insurance might not be high on your list of priorities, particularly if you’re young and in good health. However, life insurance is usually cheaper if you take it out at a younger age, as the risk you pose to insurers is low. This provides a perfect scenario for protecting your family, should your health change as you get older. It’s important to consider how much cover you would need, and how long for. Consider your mortgage payments and any other outstanding debts you might have, as well as how many years it will be until your children are more financially independent.

Life insurance for single dads

Being a single parent means you’re often juggling different things at the same time, including parenting and working. It also means you’re likely trying to meet mortgage payments and other financial commitments on your own. Life insurance for single dads is even more important to protect your kids. Without your income, the payout from an insurance policy could be a lifeline. Whether your children are young or growing up fast, consider policies that could help them pay off the mortgage or keep on top of school fees.

Life insurance for self-employed dads

Being self-employed can come with some great perks, including remote working options and even better work and life balance at times. However, it does mean you aren’t entitled to things like sick pay, death in service, or income protection schemes. For that reason, it’s important that you have a life insurance policy in place, should anything happen to you. The right life insurance means that your family could pay off the mortgage, cover everyday living costs, or pay for additional childcare. You might also want to consider different types of protection, such as Critical Illness Cover and Income Protection. This can ensure financial support if you were diagnosed with a serious condition or became unable to work due to illness or injury.

What type of life insurance is available?

Level Term Life Insurance

Level Term life insurance can be used for a number of things, such as the mortgage, bills, everyday living costs, childcare, funeral costs or any other debts. It is a fixed sum that will pay out if you pass away during the policy length.

Decreasing Term Life Insurance

On the other hand, Decreasing Term life insurance is best suited to help your family pay off a repayment mortgage. This is because the pay-out amount decreases over time, usually in line with your mortgage.

Whole of Life Insurance

You could also consider Whole of Life insurance, which guarantees a pay-out and lasts as long as you do. It’s important to note that if you take this policy out at a younger age, you might end up paying more in than it will pay out.

Family Income Benefit

Think about whether your family would prefer a lump sum or monthly payments. Most traditional life insurance policies will pay out one large sum, but Family Income Benefit will provide regular payments. This could help your family to budget accordingly and cover the cost of living.

Finding cover with a broker

One of the simplest ways to find affordable life insurance is through a broker, like us. We take the time to understand your circumstances and your needs, before comparing leading providers to find the most suitable policy at the right price. Being parents ourselves, we know how important it is to get the right cover to safeguard your children’s future.

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