Life insurance for new parents

Raising children is hugely rewarding. But there’s no doubt that parenthood comes with financial strings attached. Could your loved ones manage financially without you? If the answer is no, a life insurance policy could provide invaluable peace of mind.

Below are just some of the expenses that a life insurance policy can cover:

• Mortgage, rent and bills – life insurance could mean your loved ones will still have a roof over their heads if you’re no longer around.
• Education costs – from nursery and school fees to funding university. A life insurance payout can support your children as they grow up.
• Hobbies – your life cover can protect any funds that support your children’s favourite pastimes, from swimming to horse riding.
• Looking after the kids – as every parent knows, raising children is practically a full-time job on its own. Being a stay-at-home parent takes time, energy and money, and life insurance for parents is not just for the breadwinner.

If you're pregnant and expecting your first or second baby, be assured that applying for life insurance will be no different than at any other time. Your premiums will be unaffected by your pregnancy. For more information, read our guide on life insurance when you’re pregnant.

A new baby means you’ll have greater financial responsibilities. From childcare costs to clothes and nappies, there's a lot to pay for. So you might want to review the life insurance you already have. Is there still enough protection in place now that your family is growing? On the plus side, you may be able to increase your existing cover after your baby’s birth or legal adoption. You can check your policy documents to see if this is an option. Time limits and terms & conditions apply. Find out more about making changes to your life insurance policy.

When you have a baby, life insurance is important for the reasons we’ve outlined. But what policies should you consider to help protect your family’s future? Here's a list of the options we offer:

• Life Insurance – is a type of policy that can help minimise the financial impact that your death could have on your loved ones. It could pay out a cash sum to help towards the mortgage or help with everyday living expenses. The cost and the amount of cover you choose remain the same, unless you alter your policy.
  
  
• Decreasing Life Insurance – designed to help protect a repayment mortgage, so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.
  
  
• Critical Illness Cover – can help minimise the financial impact on you and your family if you’re diagnosed with a specified critical illness. It can be added for an extra cost when you take out Life Insurance or Decreasing Life Insurance. If you do take out Critical Illness Cover, Children’s Critical Illness Cover is automatically included.

Please remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.