Taking out life insurance can provide a safety net for your children if something was to happen to you. While it’s not something you want to think about, life insurance for Mums is so important and can safeguard your family’s future if you weren’t around.
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Being a mum comes with a whole host of challenges, but it also comes with its rewards. Raising kids can cost a lot both in time and money, but you wouldn’t change it for the world. Did you know the cost of raising a child up to the age of 18 can be £185,000 on average for a single parent, and £151,000 for a couple. Without you, how would your family pay household bills, the mortgage, or everyday living costs? That's where life insurance for Mums can help to provide peace of mind.
Taking out life insurance can provide a safety net for your children if something was to happen to you. While it’s not something you want to think about, the right life insurance can safeguard your family’s future if you weren’t around.
In this section, we’ll look at:
Mums want their kids to grow up in a world that feels safe, and as a mum you’ll naturally find yourself at the centre of your family’s world. Losing a mum can be devastating, no matter how old your children are. Life insurance can help to minimise the impact when you’re no longer around.
No policy can compensate for the loss of a family member, but it can at least take care of any financial commitments.
It’s important to consider what it is you want to help your family with. If you have a mortgage, this should play a big part in the type of life insurance you choose. Term life insurance is the most popular and straightforward choice. You can choose between Level Term and Decreasing Term.
Level Term life insurance offers cover for a set number of years, with a fixed pay-out if you pass away during the policy term. This can be used for any number of things, from paying off the mortgage to covering childcare fees.
Decreasing Term life insurance is more suited if you want to cover just the mortgage. This works well for a repayment mortgage. The pay-out amount decreases over the length of the policy, usually in line with the amount left on your mortgage.
You might also want to consider protection if you were to fall ill. This can include Critical Illness cover or Income Protection. Both can offer different solutions should you become unable to work or need to deal with medical treatment.
Taking out life insurance when you’re young could be hugely beneficial for your family. Life insurance can provide peace of mind that you’ve done what you can to protect your kids. Unfortunately, no one knows what’s around the corner, and while you might be in full health now, who knows when that might suddenly change?
The younger you take out a policy, the cheaper it could be. This is because you pose a low risk to insurers. In most cases your premiums are fixed, so even as you get older, the cost of your life insurance won’t increase.
It’s important to consider how much cover you would need and how long for. You might want to think about how many years it will be until your children are more financially independent, as well as how long is left on your mortgage.
Being a single parent means you’ve no doubt got a lot on your plate! It also means you could be the sole provider for your children when it comes to paying the mortgage and the bills.
Having the right life insurance will ensure all the important expenses are covered, if something happened to you. Providing a sense of financial stability, you can feel confident knowing your children won’t be left in debt.
You might start thinking about life insurance when you find out you’re expecting. If you already had life insurance, it could also be a good time to review your policy to cover your new circumstances.
Applying for life insurance when pregnant is the same as applying when you’re not pregnant. However, some of the health and lifestyle questions can be a little confusing. For example, when asked about your weight, you should provide the weight you were before you fell pregnant.
It’s also important to remember that if you’ve only given up smoking since becoming pregnant, you won’t be classed as a non-smoker. To qualify as a non-smoker, you usually have to have avoided cigarettes, e-cigarettes and nicotine replacement products for at least 12 months.
If you would like to learn about life insurance for Mums, whether you currently have children, or you're expecting, our friendly team of advisors are on hand to answer all of your queries and guide you through the process.