Best Life Insurance For Mums

Find out which life insurance policy is right for you as we explore the best options for mums.

Life insurance for mums is a necessity. It will not only offer you confidence that your children will be financially secure even in dire situations, but it will also free up more time for you to focus on their welfare and just enjoy being with them. So which life insurance plan is most suitable for mums?

The many types of life insurance for mums are examined in this article along with which one is suitable for a variety of unique situations. Read on to find out more.

Which Life Insurance is Best for Mums

The best life insurance for mums ultimately depends on the specific circumstances of each mum. There is life insurance coverage available for you whether you are a working mother, a single mother, a stay-at-home mother, or a new mother. Which one ought you to pick then? Before making that important choice, consider the following.

Things to consider before choosing the best life insurance for mums:

• Affordability – which type of insurance is affordable?
• Your mortgage and any other outstanding debts you may have.
• Monthly outgoings – if things like utility bills and food shops are a worry, you may want to ensure these are covered
• Educational costs for your child – this can be as simple as equipment, uniforms and books or as pricey as a private education.
• Childcare costs – be it nursery fees, before and after school clubs, or extracurricular and holiday club costs.
• Annual expenses including birthdays, holidays, festive celebrations and so on.
• Reliance on your income – how important is your income to your family as a whole?
• Lump sum vs. income protection.

Let’s take a closer look at some different scenarios.

Best Life Insurance for New Mums

You’ll be having a number of firsts as a new mum. You’ll be looking at the best life insurance alternatives for new mums in addition to changing diapers and adjusting to disrupted sleep patterns.

New mums, like all other types of mums, should think about their unique situations before choosing the best life insurance. First, consider the points mentioned above.

Best Life Insurance for Young Mums

While selecting the best life insurance policy, young mums must consider affordability. How much of a monthly insurance premium can you actually afford to pay? Compare your choices and decide which one is most practical. Young mothers should decide which life insurance coverage best suits their demands and budget.

Best Life Insurance for Older Mums

Older mums are arguably faced with increased health worries due to their age. They are also likely to be higher earners than younger mothers. While this is not always the case, the best life insurance policy for older mums may be one that supplements their income in the event of their death.

Life Expert can offer a life insurance policy for mums over 50 which could be a great option to think about.

Best Life Insurance for Mums-To-Be

As an expectant mother, part of your preparation may be to pick out the best mums life insurance policy ahead of your baby’s arrival. The best option for you will always depend on your circumstances and what you want the policy to deliver.

Affordability, age and financial responsibilities are all key things to think about when selecting the best life insurance policy for mums-to-be.

Best Life Insurance for Working Mums

Working mums may wish to consider choosing an insurance policy that supplements their income. The best life insurance for working mums will again depend on personal circumstances.

If you’re the breadwinner in the household, for example, a policy that offers income protection could be the best option. However, if you have a large balance on your existing mortgage, one that offers a lump sum in the event of your death could be a better choice for you. 

Best Life Insurance Options for Mums to Consider

The best life insurance policy for mums will depend on their individual circumstances and needs. Learn more about your options below.

• Joint Life Insurance: Mums in a partnership may consider joint life insurance their best option. This type of cover gives both partners a mutual financial stake in the policy’s outcome. If one of you were to die during the period of cover, a lump sum is paid out and the policy expires.
• Decreasing Term Life Insurance for Mums: Mums responsible for mortgage repayments, decreasing term life insurance could be the best choice. A decreasing term life insurance policy typically has the lowest premiums so could also be the best option for mums affordability-wise. It is specifically designed to cover any outstanding debts in the event of your death. As such, the rate of the amount paid out reduces in line with the outstanding balance of your financial assets.
• Level Term Life Insurance for Mums: Level term life insurance policies are best for mums looking for an option that pays out a fixed lump sum in the event that the policyholder dies during the term of cover. This type of cover provides peace of mind for mums of all types. Level-term life insurance for mums ensures that your beneficiaries will receive a specific sum so is best for mums in any scenario.
• Increasing Term Life Insurance for Mums: As the name suggests, increasing-term life insurance policies offer pay-outs that increase each year by a fixed amount. This type of life insurance is best for mums who want to protect their policy’s value against the rising cost of living.
• Whole of Life Insurance for Mums: A whole-of-life insurance policy for mums provides life-long cover and is best for mums wanting to guarantee their family receives a payout after their passing. But, this type of insurance comes with a hefty premium in comparison to other options.
• Critical Illness Cover for Mums: Critical illness cover for mums is a life insurance policy that’s designed to pay out a lump sum in the event that you’re diagnosed with a critical illness that leaves you unable to work making it one of the best options. But determining what critical illness insurance covers you for is not always super easy. Always read the fine print before investing in this type of insurance policy.
• Income Protection Insurance: This type of life insurance supplements your salary and is one of the best options for working mums, especially breadwinners. Generally, income protection is paid out on a monthly basis. Typically, the amount you’ll receive is around 75% of your income while you’re unable to work. Income protection insurance for mums is designed to give you financial stability whatever life throws your way.

Compare The Best Life Insurance for Mums in the UK with Life Expert

Compare the best life insurance for mums with Life Expert. Life Expert gives mums free quotes for life insurance, critical illness cover, income protection insurance & more from our panel of insurers.