Not an easy topic to think about – especially if you’re a mum!
However, planning ahead is very important – after all, it is a very thoughtful, positive step, ensuring that your family’s needs are covered at a difficult time of loss.
If you’ve ever considered getting a life insurance cover, the amount of information out there is likely to be a bit overwhelming. Fear not – this material will explain life insurance for mums in detail to help you make a well-informed decision.
What is Life insurance?
Basically, the whole life insurance concept is based on obliging the insurer to pay those who buy a policy, an agreed sum of money in the event of the beneficiary’s death, permanent disablement, serious injury or severe illness – depending on type of policy purchased.
Things get a bit more complicated because different insurance companies have different products and terms and conditions. Therefore, it’s very important to be familiar with UK insurance policies and offers on the life insurance market to make the most of your decision.
That’s Where This Life Insurance For Mums Article Can Help!
Today, professional working mums, housewives and single mums alike are seeking our specialist advice on the most appropriate level of life cover for their homes and families.
If you’re considering getting life insurance for mums, you’ll probably have a few of the following concerns:
Getting the best deal without being ripped off.
Wanting to find out how to leave a substantial sum of money for your family in case the worst happens.
You may have questions about kids’ critical illness cover.
Finding yourself seeking the right cover to pay off a mortgage.
Protecting your family without paying too much for the cover you don’t need.
What About Me?
Regardless of your situation, considering life insurance is a positive step towards the future of your family. Even if you’re a stay at home mum, life insurance is still a highly advisable decision.
Unfortunately, even though running a household is just as demanding as a full time job, it’s often severely undervalued when it comes to financial considerations.
Stay at home mums usually play a role of full time carers for their kids – but what if the worst happened? In case of critical illness or a permanent disability, you may need a new carer for you children, which is very costly.
If you have a partner, it’s also extremely important to consider the impact of their income should they need to take some time off to care for the family should the worst happen.
Working Mums
Now is a good time to really think about getting life insurance, as being off sick may also render you unable to care for your children, and the lack of active income will only make an unfortunate situation even worse.
Single Mums
If you’re a single mum, you’re in a different situation compared to a mom in a marriage or a relationship. This is because financial considerations in the event of death or critical illness are even more prominent without a partner to take care of the kids. There are so many costs we tend to take for granted, such as the cost of child care. There are also ongoing living costs, such as food, holidays, new clothes, entertainment and others.
Life insurance quotes are surprisingly affordable!
However, it’s important to remember that if you’re looking for comprehensive life insurance for mums, those cheap policies you see advertised may not suit you well, as they often don’t offer the cover you need or expect.
To make smart life insurance choices, you need to consider a number of important factors. For instance, you need to vigorously check when the policy you’re interested in expires.
Also, as a busy mum, you should carefully consider your health and fitness, and any medical conditions that runs in your family.
This is because you will need to declare any existing medical problems on your application – and you will also likely need to notify the insurer along the way if your circumstances change.
Certain medical conditions will influence the life insurance policy, meaning you won’t get a rebate. If you participate in dangerous sports, those usually need to be listed as well as an additional risk factor.
On the contrary, if you’re in great health, you may be able to find a suitable policy with no medical, provided you satisfy the criteria.
Another factor to consider is if you’re planning on living or retiring abroad. It is estimated that around 4 million British citizens are living abroad, and if you’re planning on joining them at some point, you need to be aware that not all life insurance policies cover such circumstances.
Not Just For Mortgages!
Most mums see life cover to pay off a mortgage in event of serious illness and death as an absolute priority when they consider the need for life insurance.
But even if the mortgage is already paid off, it’s still crucial to consider the sum you wish to leave behind for the family to meet the costs of living, provided they won’t have your income to contribute.
Remember: life cover can be for everyone, regardless of your situation and living arrangements, whether you’re renting or have a mortgage.
After taking all these factors into consideration, you will be able to find the best possible life insurance for mums to suit your needs.
