Life Insurance for Mums
Published 29th November 2017
Getting the right level of cover for your children
As time has gone by we have been getting more and more enquiries from professional working mums, housewives, and single mums looking for advice on the right level of life cover for their families and their homes.
The below guide has been written to give those mothers looking to take out life insurance on their children an idea of the most important considerations. Remember, you can contact us at any time for advice and help arranging your life cover and all life insurance advice from us is absolutely and completely free.
If you're a mum looking for life insurance advice, the advisors we work with have a lot of experience. All advice is free, whole of market, and you can have them arrange it all for you if you like. Please get in touch by making an enquiry.
The below concerns are probably the most typical:
- Getting the right level of cover to protect their families whilst not paying for cover that they don’t need
- Getting the right type of insurance to pay off a mortgage
- How to leave a sum of money to loved ones should the worst happen
- Getting the best deals and not be ripped off!
- Children's critical illness cover
Being a mum myself I know how much work it can be to make sure our loved ones are safe and well cared for day to day.
The advisers we work with are fully qualified and experienced, and are able to assess what your needs are and advise on the best insurance arrangement for you and your budget, whether you're a home-owner or not. Below are some helpful Q&A's to make it easier for mums getting life insurance.
Working mums, replacing income if unable to work through illness/injury
Anyone working must consider what would happen to their children and loved ones financially, if they were unable to work and income stopped. Employer sick pay is being reduced by the majority of businesses these days with the rising cost and pressure from the economy. As a result, many workers may find themselves on statutory sick benefits, if not straight away, soon after a small period on full pay. This gap is a growing concern for many and, as a result, it's important to consider policies that can pay your wages to cover your outgoings whilst you're off. This can be for anything from a 1 year pay-out, to an indefinite pay-out, should you be off sick long term.
Working mums must take particular care because being off sick may also render them unable to care for children day to day, and a lack of income could impact the ability to pay for child care.
Stay at home mums
Q. I'm a stay at home mum, do I need life cover?
Stay at home Mums play a vital role in raising children and running households, but one that can be severely undervalued in terms of finance. How much would you value a full-time carer for your kids? If you were unable to be mum due to illness or if you passed away, the cost of child care can be astonishing. If you have a partner it's also important to consider the impact on their income should they need additional time off to care for you or your children should the worst happen.
The need for cover for single mums may be different to that of a mum in a relationship or marriage. This is namely because the importance of cover for lost income in event of illness, and cover to leave money for children in event of death, are both even more important without a partner there to take care of them. The cost of child care should not be underestimated, furthermore, neither should the cost of ongoing living costs (food/ clothes/ entertainment/ holidays etc).
Mums and home ownership
Life cover to pay off a mortgage in event of death or serious illness is often the absolute main priority for most parents as it ensures loved ones are left with a roof over their heads. Once the mortgage is paid for however, it's still vital to consider how much you want to leave behind for loved ones to meet the rising cost of living should you and your income not be there to contribute.
Do I need to have a house and a mortgage to get life cover?
No, life cover can be for everyone: home-owners and those renting or with some other living arrangement. If you own a home and wish to protect the mortgage then you'll need mortgage protection, if you're renting then a family benefit with a lump sum pay out for the ongoing welfare of your children may be more appropriate.
Any Other Questions?
Please don't hesitate to get in touch with any insurance related questions you may have, the advisors are experts and have access and knowledge of all the insurers in the UK.
Unless you are arranging a mortgage as well, the advisors rarely charge a fee to arrange your life insurance unless you have a particularly tricky scenario, and operate no pressure policy with no upfront fees or any obligation to proceed if you change your mind. So you really do have nothing to lose. For advice you can email directly on enquiries (@) onlinemortgageadvisor.co.uk or call the office on 0800 304 7880.
Update: Due to the large amount of life insurance enquiries we receive from mums we have decided to launch a new and separate website called "life insurance for mum" to better market our services in this area to mums in the UK. Feel free to have a look around, although it isn't quite finished yet.