Protecting your kids is no doubt your number one priority as a dad. You can achieve this by making sure you have the right life insurance cover in place. Below we explain further why Life Insurance for Dads is one of the most important decisions you can make as a parent.
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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.
In this section, we’ll talk about:
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.
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.
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.
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.
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.