Life insurance for mums
Every family is different, and whether you’re a new or expectant mother, a single mum, a stay at home parent or the main family breadwinner, having life insurance in place could be a smart move.
Why do mums need life insurance?
There are many situations where it’s a good idea for mums to get life insurance. If you’re the main family breadwinner, you’ll want to help make sure that your family can maintain a good quality of life if the worst should happen to you. Life insurance can be important for single mums too, as your family may depend entirely on you to keep a roof over their heads. And for many women, pregnancy itself puts all the associated costs of raising a family into sharp focus – from paying the mortgage to buying food and clothes for a child.
Life insurance for stay at home parents
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.
Applying for life insurance when you’re pregnant
Does pregnancy affect your life insurance premiums? In short – no. Applying for life insurance when you’re pregnant is no different to applying at any other time. However, expectant mums often ask us how to answer questions about smoker status, alcohol consumption or weight when these have changed during pregnancy. Our helpful guide explains more.
Life insurance for mums
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 Life Insurance, the amount of cover stays the same throughout the length of the policy. 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. Find out more about our products.