Every day, you prioritise being the best mum possible. You arrange exciting activities for your children, think up delicious dinner recipes on your lunch break, and make sure you’re on top of everything they could need.
You focus on the wonderful future you’re building for your children, so why would you want to think about worst-case scenarios? But when you look into life insurance for mums, you’re not tempting fate; you’re protecting your family.
The last thing you want to think about is how your children will cope if you weren’t around anymore. As distressing as the thought is, with life insurance in place, you can rest assured that they won’t have to undergo any financial hardships that would make the situation even more difficult.
Whether you’re married, single, working or not, there are life insurance policies that protect your children and family. With your life insurance sorted out, you can get back to doing what you do best: building a bright future for your kids.
A frightening number of mothers with financially dependent children don’t have life insurance. A recent survey puts the number at around 60%. Due to the 2017 government changes to bereavement benefits, widowed parents now receive significantly less money from the government in the event of their spouse passing away.
The Bereavement Allowance, Widowed Parents Allowance and Bereavement Payment Benefits were changed from 6th April 2017 and are now called Bereavement Support Payments. This change, unfortunately, reduces the payments for the vast majority of widowed spouses.
The story is worse for mums and dads who weren’t married, as they aren’t eligible for these benefits at all.
With little to no support from the government, it’s more important than ever that mums take financial protection into their own hands. Life insurance specifically for mums is the best way to know not only that your children will be protected, but also how much they’ll receive.
Life insurance puts you in control of your family’s financial future in the event of a worst-case scenario. You won’t have to rely on the government or worry about future changes to benefit structures.
You might not be able to predict the future, but you can put in place financial protection for your children and family, no matter what happens. Mums are irreplaceable and the Office for National Statistics (ONS) shows that women and mothers do far more unpaid work than men.
From breadwinners to stay-at-home parents, mums of all backgrounds play an essential role in their children’s lives. It might not be easy to put a price tag on the work you do for your household, but without you, the financial impact could be enormous.
When children lose their mothers, they’re left with a huge hole in the family that’s exceptionally difficult to cope with. If they’re forced to move home or experience a reduction in lifestyle due to financial pressures or poverty, they may lose the time and space they need to grieve.
No matter what their father’s financial situation is, by having your own life insurance, you can take away the nagging worry that your children will be left without. Mums are worth so much more than their salaries.
As the ONS states, women do far more unpaid work around the house than men do. Whether you’re a working mum or not, you’re still putting in a lot of unpaid working hours that’d be expensive to replace.
If you’re a full or part-time working mum, you’ll be bringing in a salary, so without you, your family will lose that income. This alone may put a significant amount of financial stress upon your children and partner.
Many stay-at-home mums might think they don’t contribute anything of financial value to their family, but this is a huge misconception. The unpaid work you do as a stay-at-home mother has massive value.
If you were no longer around, your children may very well need paid-for childcare, the costs of which are huge. If you leave a partner or spouse behind, they might have to reduce their working hours to look after the children, thereby reducing their own income.
Even the household tasks you do every day have a significant financial value should you no longer be around. The ONS calculator states that 8 hours of housework, 12 hours of childcare, 2 hours of laundry, and 6 hours of cooking per week would cost £16,300 per year to replace.
If your family needs to move house to save money, this too has financial and emotional implications. As you can see, whether you’re a working mum or not, your contribution to the finances of your family is big.
Life insurance can:
If you’re a single mum, you’re probably already rushed off your feet doing everything you can to provide for your children. In the devastating event that you pass away, your children will lose their primary and possibly only source of financial support.
There are plenty of life insurance policies designed for single mums that’ll offer the financial protection your children would need to continue living in the same way they currently do.
This might including covering your remaining mortgage, childcare, loss of earnings for the caregiver, and even covering private school fees if your children are enrolled.
With life insurance, single mums can rest assured that their children will be financially looked after something should happen.
Funeral costs are increasing every year and it often doesn’t occur to mums how much of a financial issue a funeral can be. With life insurance, your family won’t have to feel the pressure of paying for a funeral, especially when it occurs as they’re struggling to come to terms with their new reality.
The idea of paying for life insurance when you’re a single mum might be frightening. But rest assured, policies can be very affordable and offer the peace of mind that you’re protecting your children.
If you’re married and your spouse has life insurance, you might think you don’t need it yourself. As we’ve seen though, you’re an immensely valuable member of your household. Without you, your spouse may struggle to cope financially.
With the loss of your earnings and your unpaid work around the house, as well as childcare, your spouse will have to find the money needed to be a single parent. From childcare and cleaning costs to taking a reduction in pay at work, without life insurance, you risk leaving your family in significant financial trouble.
By securing the right life insurance policy, you’ll be putting protection in place for your whole family. They’ll get the financial support they need to keep living the life you’ve worked to build together and get the breathing space to come to terms with what has happened.
If you own a home with your spouse or plan on buying one, the mortgage repayments may well be too much for your spouse to cope with by themselves. Life insurance can pay for your share of the remaining mortgage, freeing your spouse from the burden and preventing your family from needing to move.
Divorce is one of the most stressful experiences you can go through, and as a mum, you’ll already be concerned about how it may affect the lifestyle your children enjoy.
Taking financial matters into your own hands and setting up a plan in the event of your passing can give you back the control you need over your life. If you previously had a joint life insurance policy with your ex-spouse, it’s time to look for your own.
Joint life insurance policies cannot usually be split, so you’ll need to get a new one for yourself. You may be able to take over your joint policy and turn it into a single one for just you.
Whether you take out a new policy or take one over an existing one, it must be designed to fit the needs of your life post-divorce. The cover amount and premiums may need to change.
Divorce is painful enough, but by sorting out your new life insurance policy, you’re setting your children up for a stable financial future, no matter what happens.
Many people put off sorting out life insurance because it can be overwhelming. We get that. But it doesn’t have to be complicated and once it’s done, you can cross it off your list.
There isn’t a one-size-fits-all life insurance policy for mums because insurers know everybody’s circumstances are unique. This might feel complicated, but it’s actually a good thing.
When you get a life insurance policy tailored to your financial needs, you won’t be paying for cover you don’t need.
The type of cover that’s best for you might include:
There are a few different types of life insurance cover that you can choose from as a mum and each will offer slightly different benefits in specific situations.
This type of insurance policy covers you for your entire life and will pay your beneficiaries upon your death, whenever that may occur. This is an easy life insurance policy to have, as you don’t have to think about the policy term ending.
This is common for debt that reduces over time, such as mortgage debt. As the debt you’re insuring for reduces, so will the amount your insurance pays out. This type of insurance means your debt will be covered in the event you pass away during the term.
This is a popular choice for mums and families, as the payout increases over time. This type of policy looks after your family and children and helps to keep them in the standard of living you’ve built up for them.
Life insurance doesn’t have to be complicated. By using our online quote form, you’ll be able to find policies with our quick and easy process. Your results will be returned to you listing Financial Conduct Authority (FCA) authorised providers only, so you know you won’t be buying from any provider that’s not regulated.
With our quote system, you’ll be able to see exactly what each policy will offer your family, the terms, and the premium. The most important factor in choosing life insurance is understanding exactly what it’ll provide, which is why we ensure our results are clear and easy to understand.
A commonly asked question we get is will an insurer actually pay out? It’s understandable if you’re sceptical about insurers, but as we only get quotes from FCA-authorised partners, they must pay out if your policy says so.
Insurers will only withhold payment if your policy application was filled out dishonestly or incorrectly. Insurers need honest answers, including honest medical answers, so they can provide the ideal insurance for you. You’re protecting yourself and your family by being upfront.
If you apply for a policy using accurate information, you don’t need to worry about the insurers not providing for your family.
Thinking about worst-case scenarios makes us all feel horrible, but setting up life insurance will put your mind at rest. Life insurance for mums is so important, as it protects your children against the financial hardships they risk if you’re no longer around.
As a mum, you can’t predict the future; none of us can. But you’ll always want the very best for your children. By taking out your own life insurance policy, you can be sure that your children will be looked after in their time of need, and for the future.
Use our easy online form to receive a quote from FCA-authorised providers and quickly see which life insurance policy is right for you. It’s free to use and before you know it, you’ll have crossed life insurance off your to-do list and can get on with planning your family’s wonderful future.