09 Sep 2024

Life insurance for mums

Becoming a mother is a momentous time, and aside from the joy – and sleepless nights – that a newborn brings. It also marks the arrival of a new financial dependant in your life. That’s why life insurance for mums is something to seriously consider.

Learn more about life insurance and get a quote today

Mums can benefit from life insurance in the same way that dads can. In fact, most adults with financial responsibilities should consider protection.

The make up of every family is different, but everyone wants to protect their loved ones. So whether you’re a new or expectant mother, a single mum, a stay at home parent or the main family breadwinner, having life insurance could be a smart move.

Here are some situations where you might want to consider life insurance as a mum.

You're a working Mum

You could be the main family breadwinner or your family depend on your income. Either way, taking out life insurance as a working mum will help you protect your family’s finances should you pass away while covered.

You’re a single mum

Life insurance can be important for single mums too, as your family may depend entirely on you to keep a roof over their heads.

Peace of mind for mums with a mortgage

Life insurance is often used to cover a mortgage. This can help to keep your loved ones in the family home if something happens to you.

There are many reasons why it’s a good idea for mums to get life insurance. Here are just some examples:

Maintain your family’s lifestyle. Raising children certainly isn’t cheap. Life insurance can help protect your family’s ongoing living costs. From the mortgage or rent to clothes, hobbies and activities.
Protect a growing family. Your life insurance cover amount can often be increased following the birth of a child. Learn how mums can make changes to their life insurance policy.
Peace of mind. Having life insurance can give mums extra reassurance that their loved ones are financially protected. If the worst happens to you, the cash sum could be used for any purpose.

It’s a misconception that life insurance is only designed with the main breadwinner in mind. Of course, it’s important to protect your household’s income. However, if you were to add-up all the little things a stay at home parent does around the home, what price would you put on it? All the cooking, cleaning, daily school runs and homework support – it all adds up. It’s safe to say your family couldn’t manage without you.

Sure, your partner might be paying more towards the mortgage, but if you were to pass away, would they have to take time off work to look after the children? Or would they have to pay someone to carry out your daily duties? This is a difficult subject to think about, but it shows the importance of life insurance for mums and dads who look after the kids at home.

Life insurance isn’t just for couples. If you’re a single mum, could your children manage financially without you? Having a life insurance policy in place can offer your children a financial lifeline in hard times. From paying off the mortgage to contributing towards their education. Read more about our life insurance for single people.

Applying for life insurance when you’re pregnant

Applying for life insurance when you’re pregnant is no different to applying at any other time. Read our article on life insurance when pregnant.

Does life insurance cover maternity leave?

Life insurance is designed to pay out if you die while covered by the plan. Your policy would not provide you with any financial assistance when you go on maternity leave.

Life insurance for mums - in summary

Life insurance could pay out a cash sum if you die or are diagnosed with a terminal illness while covered by the policy (provided your life expectancy is less than 12 months).

The type of life insurance you choose as a mum depends on your circumstances. With our level life insurance, the amount of cover stays the same throughout the length of the policy, unless you make any changes. The cash sum could help pay the mortgage or help with everyday living expenses.

Alternatively, our Decreasing Life Insurance is designed to help protect a repayment mortgage, with the amount of cover reducing roughly in line with the way a repayment mortgage decreases.

You just need to be aware that these policies are not savings or investment plans and have no cash value unless a valid claim is made.

You can’t put a price on protecting your loved ones. But when you take out life insurance with Legal & General, we can help you secure your family’s financial future.

Want to learn more about Life Insurance?

Lisa Redman

Senior Propositions Manager, Retail Protection

Lisa works in UK Retail Protection Proposition Development team and is responsible for identifying and assessing new product and proposition enhancements to meet customer needs, with a strong emphasis on regulatory compliance ensuring all required governance is completed.

More about Lisa

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