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We specialise in arranging life insurance for Dads. So you are in the right place. From getting married to buying a home, certain events in life encourage you to take out life insurance. One significant milestone is becoming a dad. As a father, you’ve got to ensure your child’s financial future is protected.
Choosing the right life cover for dads with comprehensive cover will limit the need for them to take on the undue burden if the worst happens.
Why Is Life Insurance For Dads Necessary?
Unfortunately, the statistics tell a story that most parents aren’t aware of when they start a family. Did you know that over 100 children lose a parent every day in the UK? Add to that the cost of raising a child to the age of 21 - over £230,000 - and the need to take out life insurance becomes clear.
Unlike mothers, fathers aren’t as proactive at life administration, which means there is a chance your family could be saddled with the expenses. Whether you make your partner or kids the beneficiary of the will, the arrears should be cleared, meaning you don’t have to stress about the future.
Plus, extending your family doesn’t require additional underwriting. Insurers offer a ‘special event option’ which covers new family members.
Inheritance tax is charged at 40% on every penny over £325,000. Even if you don’t think you’ll pass on an estate this big when you go, it’s smart to have a plan just in case. Writing life insurance for dads in trust means that the money isn’t a part of your estate. As a result, the recipients won’t have to fight a lengthy probate battle or sell their assets to pay the tax bill.
When Should Dads Buy Life Insurance?
Fathers who purchase life insurance policies early are the ones who cover every base. To begin with, there is no telling what could happen. As a result, the coverage is a safety net that will kick in regardless of the circumstance or your age.
Secondly, premiums are cheaper when you’re younger. The way life insurance for dads plans work is that it becomes less affordable the older you are as it’s likely the insurer will have to payout. By taking out a policy now, when you’re a young dad, you could pay as little as a couple of pounds per week.
And, you can do it before your bundle of joy arrives as dads-to-be are eligible for life insurance.
Which Option Should You Pick?
There are lots to choose from, including whole-of-life or level term plans. The majority of policies are suitable for fathers as long as you consider the following factors:
- Your mortgage: the coverage should last for the duration of your mortgage
- The age of your children: if you have young kids, you can pay extra when they are small and reduce your premiums as they become financially stable
- Living costs: a policy should have a value that can pay for funeral costs, living expenses, and legal fees
How Can Dads Find Affordable, Comprehensive Cover?
Here at Discount Life Cover, we’ll find you the most suitable coverage in less than two minutes. Fill in the quote form or speak to a team member to safeguard your children’s future.
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.