Mums Life Insurance
Why Do Mums Need Life Insurance in Northern Ireland & UK
Life for mums can be unpredictable, but you can ensure your family’s financial security by taking out a life insurance policy to give you peace of mind if the worst happens.
Many mums use life insurance to cover the following if they were to die:
- Mortgage payments (this can keep your children in the family home)
- Future family living costs (avoid lifestyle changes for your loved ones)
- Funeral costs (life insurance can take care of this so your family don’t have to)
- Childcare costs (your partner won’t have to reduce their working hours)
- Provide an inheritance (leave financial security for your children)
Setting up sufficient family life insurance as a mum in Northern Ireland & UK ensures that your children’s significant life events will be protected even after your passing.
Even while the loss left by a mother’s passing cannot be filled emotionally, your family’s financial burden can at least be lessened with a life insurance policy.
At Life Expert, we provide free life insurance quotes in Northern Ireland & UK and will advise you on how much cover you should have and what you should be protected for.
FAMILIES PROTECTED
Why Use Life Expert for Mums Life Insurance in Northern Ireland & UK
- Many years of experience, helping over 4000 families in Northern Ireland & UK.
- Rated as Excellent on Trustpilot.
- A range of life insurance policy types to meet every family’s needs.
- Specialist insurance team who has found cover for mums declined elsewhere.
- Affordable life insurance rates for mums in Northern Ireland & UK.
- Help & guidance through the whole process, so you know you’ve got the right life insurance policy to protect your family.
How Much Life Insurance Do Mums Need in Northern Ireland & UK?
A significant life event that typically triggers life insurance is having a kid. The specific requirements of your family will determine how much life insurance you need as a mother in Northern Ireland & UK.
You must consider both the current expenses for your family and any future expenses that may arise because of your death. Currently, it costs £152,747 to raise a child until they are 18 years old[1].
As a mother, you might want to consider including this expense in your sum assured (pay out amount) to make sure that, in the event of your death, your children would have enough money to live comfortably from the life insurance payout.
You will also need to consider:
Existing family costs
- Monthly mortgage or rental payments (mirror your remaining mortgage balance)
- Day-to-day family living expenses (food and drink, clothing, leisure activities, education)
- Household bills (gas, electricity, water, council tax, broadband, TV, home maintenance)
New family costs as a result of your passing
- Funeral and other associated costs (£8,864 total cost of dying)[2]
- Loss of household income (due to reduced working hours)
- Additional childcare fees (£263.81 per week is the cost for full-time childcare)[3]
Alternatively, speak to our life insurance experts at Life Expert in Northern Ireland who can advise you on how much cover you should have for yourself & your family and what you should be protected for.
How Long Should Mums Take Out Life Insurance Cover for in Northern Ireland & UK
As a mum, the length of your life insurance policy will be determined by 3 key factors:
- The age of your children
- Whether you intend on having more children
- The length of your mortgage term
You can choose to make your life insurance policy’s term coincide with your children’s financial independence when you take out insurance.
This helps to minimise any potential lifestyle changes for your family at an already trying time and makes sure that any significant financial obligations are met in the event of your death.
The likelihood that your children will enrol in college, which would delay the time when they will become financially independent, must also be considered.
To ensure that your family can afford to stay in their house, you might, alternatively, have your life insurance policy’s duration match the length of your mortgage.
By consulting with a member of our expert staff, we can advise you on what you should have so you can make an informed choice about what life protection is best for your loved ones. The best solution for one mother may differ from that of another.
What is the Best Life Insurance for Mums in Northern Ireland & UK?
The right life insurance policy for you as a mum will depend on what it is you need to protect. There are several different life insurance options available. Each life insurance policy type is well suited to protecting different aspects of your life. If you are looking to provide more than one level of life insurance cover for your family, it is possible to take out more than one life insurance policy.
Level Term Life Insurance for Mums in Northern Ireland & UK
- Affordable cover for mums in NI & UK.
- Provides a fixed pay out sum.
- Cover for a specified period of time (up to 40 years).
- Provides a lump sum payout for your family.
- Cover amount up to £1,000,000.
Level term life insurance for mums in Northern Ireland & UK offers a fixed sum assured, which makes it a great choice for helping to pay for significant family expenses.
For instance, it can offer the money for an interest-only mortgage to ensure that your loved ones can continue to live in the family home, pay for future living expenses for the family, or just provide your children with an inheritance to use as they see fit.
Decreasing Term Life Insurance for Mums in Northern Ireland & UK
- Affordable life insurance cover for mums in NI & UK.
- Pay out sum decreases over time.
- Cheaper than level term life insurance cover in NI & UK.
- Cover for a specified period of time (up to 40 years).
- Provides a lump sum payout for your family.
- Cover amount up to £1,000,000.
A decreasing term life insurance policy for mums in Northern Ireland & UK provides a sum assured that reduces over time. Because your sum assured can be adjusted to reflect your outstanding mortgage balance, it’s perfect for covering a repayment mortgage.
You may feel more at ease knowing that, in the event of your passing, your children will be able to stay in the family home.
If you’re a mother in Northern Ireland & UK, you might also utilise a decreasing term life insurance policy to lower it as your kids start to support themselves. They may require less money as they age.
As your risk to the insurer decreases with time, decreasing term life insurance in NI & UK is sometimes the most affordable kind of protection for single mothers.
Whole of Life Insurance for Mums in Northern Ireland & UK
- Provides lifetime cover.
- Loved ones are guaranteed a pay-out.
- Provides a fixed pay out sum.
- Affordable cover for mums.
- Cover amount up to £1,000,000.
Whole life insurance in Northern Ireland & UK provides lifetime coverage and ensures that your family will be compensated in the event of your dying. Whole of life insurance is a type of life assurance because of this.
A payout from whole life insurance for mums in NI & UK can be used to secure your children an inheritance or to meet significant family obligations (like mortgage payments or burial fees).
You should be aware that if you purchase whole life insurance when you are a young mother, you may wind up paying more into the policy than it will ultimately pay out because you will be obliged to make premium payments for the rest of your life.
Family Income Benefit Insurance in Northern Ireland & UK
- Ideal for long term family budgeting.
- Provides your family with monthly tax-free payments up to £5000.
- Covers for a specified period of time (up to 40 years).
- Low-cost monthly premiums.
In contrast to a standard life insurance policy, the family income benefit insurance in NI & UK won’t give your loved ones a lump sum payout. They will instead get regular installments of (tax-free) income.
After your death, payments will start and won’t stop until the policy expires.
Your family will get payments for the remaining 15 years of the family income benefit insurance, for instance, if you purchase a policy with a 20-year term and pass away five years into it.
Family income benefit insurance in NI & UK is therefore perfect for assisting in replacing lost income and enabling your family to maintain their existing standard of living.
Income Protection Insurance for Mums in Northern Ireland & UK
- Protects your income if you’re unable to work due to an accident or sickness.
- Pays out up to 70% of your gross salary.
- Cover for a specified period of time.
- Provides monthly, tax-free payments.
- Affordable cover for working mums.
A policy called income protection is created to safeguard your finances if illness or injury prevents you from working for an extended length of time. Typically, you can get monthly payments equal to up to 70% of your usual gross earnings to assist you in supporting your family while you’re unable to work.
Payments for income protection are not linked to any particular financial commitment, so you are free to utilise them as you see fit. They are typically utilised to pay for any expenses that your regular monthly salary would normally cover to ease your family’s financial burden. This could include paying the rent or mortgage, daily living expenses for the family, and daycare expenses.
How Much Does Life Insurance for Mums Cost in Northern Ireland & UK?
Mums can get life insurance in Northern Ireland & UK for as little as £5 per month.
However, the cost of your life insurance premium as a mother in NI & UK will mostly rely on what and how long you want to provide coverage for your family.
You’ll be questioned about your health and way of life at the application stage. This will make it easier for insurers to determine the risk you pose.
It’s likely you’ll be asked to provide information regarding:
- Your age
- Your medical history / any pre-existing conditions
- Smoking status
- Your weight/BMI
- Level of cover
- Policy length
This information along with your chosen policy type will help to determine the price you’ll pay for your life insurance policy.
Do I Need Life Insurance as a Young Mum in Northern Ireland & UK?
Yes. Did you realise that your monthly life insurance premium in NI & UK will be less expensive the younger you are? Young, healthy mothers typically pay lower life insurance premiums because they constitute less of a risk to the insurance company.
As a result, it’s frequently advantageous to purchase life coverage as soon as you can to lock in the cheapest price for your family.
Why not compare rates from some of the top UK insurance providers using our distinguished broker service?
Life Insurance for Single Mums in Northern Ireland & UK
Do you belong to the 42% of British families without life insurance coverage? [4]
If you are a single parent, you may be the only person providing financial assistance for your kids, and if you were to pass away, your kids might experience other significant changes in their lives.
By giving your children a lump sum inheritance or the money to meet living expenses, life insurance can help to avoid this turmoil.
Since it can be challenging for single mothers to make ends meet on one paycheck, many of them don’t believe they have the extra money needed to purchase life insurance in Northern Ireland & UK.
However, life insurance doesn’t need to be expensive.
FAMILIES PROTECTED
Life Insurance for Working Mums in Northern Ireland & UK
Being a working mother, losing you would cause your family not only the tragic loss of a parent but also a significant financial loss. Due to the loss of a salary, your family might not be able to continue making mortgage payments and covering other basic expenses.
By obtaining life insurance in Northern Ireland & UK, you can leave your family with a cash sum that can be used to cover these expenses and many more. You can rest easy knowing that if you pass away, your children won’t face financial hardship by acquiring a family life insurance policy.
Contact our team of experts to receive your free life insurance quotes in Northern Ireland & UK.
Working mothers may also wish to think about income protection, a type of monetary insurance that will make payments to you if an accident, illness, or unemployment prevents you from working.
Life Insurance for Stay-At-Home Mums in Northern Ireland & UK
Life insurance in NI & UK, in our opinion, is just as crucial for working mothers as it is for stay-at-home mothers. It’s a frequent fallacy that because stay-at-home parents don’t receive a regular paycheck, they don’t need life insurance.
But as a mother who stays at home:
- If you were to pass away, would your partner need to work less hours to care for the kids?
- Or would they have to shell out more money for pricey childcare?
A stay-at-home mother’s job is irreplaceable, and it has been estimated that her true cost is a startling £108,937[5], underscoring the necessity for life insurance.
Think about all the roles you play and the consequences if you were to pass away if you are a stay-at-home mother debating whether you should buy life insurance in Northern Ireland & UK.
You could also get in touch with a member of our amiable staff. To help you understand your alternatives, we’ll consider your individual circumstances and budget.
Life Insurance for Older Mums in Northern Ireland & UK
Nowadays, it’s usual to become a mother later in life, or perhaps your kids are all grown up and no longer need as much financial support.
As a mature mum, you may want to consider Over 50s Life Insurance in NI & UK.
- Guaranteed acceptance.
- Benefit from life insurance with no medical questions.
- Have a sum assured of up to £20,000.
- Be covered for the remainder of your life.
- Guarantee your loved ones a payout.
If you were to die, a payout from an over-50s life insurance plan in Northern Ireland & UK may relieve the financial strain on your family, be used to cover your funeral costs or be left as an inheritance for your children.
It’s crucial to keep in mind that your life insurance policy will probably have a waiting period added because of the potential risk you represent. This refers to the first 12 to 24 months of your policy during which there will be no payout if you pass away from a natural cause.
Any premiums paid, though, will be reimbursed to your loved ones.
Sources
[1] https://cpag.org.uk/sites/default/files/files/policypost/CostofaChild2020_web.pdf
[2] https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/cost-of-dying-report.pdf/
[3] https://www.daynurseries.co.uk/advice/childcare-costs-how-much-do-you-pay-in-the-uk
[4] https://www.comparethemarket.com/life-insurance/content/undercover-families/
[5] https://www.channelmum.com/a/the-salary-mums-would-make-if-they-got-paid-for-childcare-revealed