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Life with children is never predictable. However, even though it’s scary to think about what may happen in the future, it’s necessary so that you safeguard the future of your children.
Taking out life insurance for moms is the quickest and most effective way to ensure that unforeseen circumstances don’t leave your kids with massive debts to pay. And, parents have lots of them, from credit card arrears to multiple mortgages.
What Are The Life Insurance Options For Mums?
While there are various ones available, the three most commonly bought are:
- Decreasing term life insurance
- Level term life insurance
- Family income benefit (FIB)
Decreasing Term Life Insurance
Similar to a level term plan, this policy only pays out if you die within the duration of the insurance contract. Unlike standard term insurance, the value of the plan reduces year after year. This allows mums to protect their kids from an expensive mortgage without paying significant monthly premiums.
Because the value is lower than most life insurance policies, the cost is cheaper, too.
Level Term Life Insurance
Thanks to the lump-sum nature of the payout, as well as a fixed value, a level term plan is perfect for mums that want to leave a little extra in their will. As well as covering your debts, this option often assists with the cost of living also.
Family Income Benefit
FIB doesn’t pay the benefactors of your life insurance policy in a lump sum. Instead, it arranges for predetermined amounts to be deposited into their accounts regularly. Therefore, Family Income Benefit is excellent for loved ones who don’t want to have to make investment decisions. Plus, the dividends are tax-free.
How Much Coverage Do You Need?
The answer depends on multiple factors. Of course, some expenses can be averaged out, such as the cost of a funeral or childcare fees. Typically, the average rate for both is around:
- £10,000 for a funeral
- £250 p/w for the childcare
Of course, if you want to secure the financial future of your kids, it’s essential to include additional expenses, such as:
- mortgage or rental payments
- living expenses
- overhead bills
The value of your life insurance will fluctuate depending on your requirements and budget. For example, mums with a small budget may only have the money to afford a plan that pays off the remaining property fees.
How Mums Can Make Life Insurance More Affordable
For mothers that are in relationships, the best method is to take out a joint life insurance policy. In general, a joint plan is nearly 25% cheaper than buying separate policies. Alternatively, mums can stop smoking. Smoking increases the risks of disease, which enhances the chances of insurers fulfilling contracts.
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Discount Life Insurance…Why Use Us
We are an online advice service and as such have little overheads which enables us to give away more commission enabling us to me extremely competitive on price.
Having said all this, life insurance is not always about price and there are differences in the types of cover offered by providers. So we also provide an “advised sale” which means that we take on responsibility to make sure the policy you take is the right one and the most suitable for your circumstances.