Life Insurance for Parents
Life Insurance for Parents in Northern Ireland & the UK
In Northern Ireland & the UK, parents typically profit from purchasing life insurance to protect their children’s finances. Budgets might be limited due to the high cost of raising a family, so adding another monthly expense might seem insurmountable.
Over 4000 families have been protected by Life Expert, which compares life insurance quotes in Northern Ireland & the UK to get the best offer.
Our brokerage is governed by the FCA, Life Expert offers an advised service so you know when you talk to us, we will have covered everything you may need based on your personal circumstances that fits your budget.
To protect the financial future of your family, contact us for a free quote for life insurance for parents in Northern Ireland.
Do Parents Need Life Insurance in Northern Ireland & the UK?
Whether you’re a new parent or have grown-up children, life insurance in Northern Ireland is an affordable way of securing your family’s financial future.
The money from a life insurance payout in Northern Ireland could one day prove invaluable, covering:
- Mortgage repayments
- Future family living costs
- Loss of income
- Childcare fees
- Funeral costs
- Outstanding personal debts
These expenses would be borne by your loved ones if there was no life protection in place, placing a tremendous financial burden on them.
Although millions of people are unprotected and potentially vulnerable as a result, 42% of British families do not have life insurance[1].
Nevertheless, there are numerous affordable life insurance policy options available in Northern Ireland & the UK.
How Much Life Insurance Do You Need in NI & the UK?
What you want to protect will determine how much life insurance in Northern Ireland you need. We will advise on what you should have covered based on your personal circumstances and budget.
Generally speaking, the total amount of life protection you obtain should take into account all the factors for which you would like to make financial provisions.
For example, outstanding mortgage + family living costs + funeral costs + university fees = sum assured.
Simply get in contact with our experts at Life Expert if you’re unclear about how much life insurance you need in Northern Ireland. We can go over your specific needs and provide you with all the details you require to make an informed choice regarding your life insurance policy in NI.
Life Insurance for New Parents in Northern Ireland & the UK
Having a child is frequently the catalyst for increasing awareness of your mortality. Because of this, a lot of new parents in Northern Ireland opt to set up life insurance at this point in their lives.
Due to all the additional expenses a newborn brings, it can also be a period when budgets are tighter. The good news is that Life Expert can analyse quotes from our panel of insurers and assist you in setting up the most suitable life insurance coverage in Northern Ireland to safeguard your family that is based on your priorities and budget.
To get your free life insurance quote in Northern Ireland, just get in contact with us immediately, we offer an advised service and can explain everything you should be protected for based on your personal circumstances.
Tips for New Parents Considering Life Insurance in NI & the UK
There are many ways parents can make the most of their selfless investment when they are deciding to protect their family with a life insurance policy in Northern Ireland.
- Consider your best type of life insurance policy to avoid paying for unnecessary cover.
- Determine exactly how much life insurance cover you require, so you don’t pay more than you need.
- Live a healthy lifestyle to help reduce the cost of life insurance premiums in Northern Ireland.
- Write your life insurance policy in a Trust to avoid/reduce 40% inheritance tax fees. (Available on most life insurance policies in Northern Ireland)
- Always compare life insurance quotes in Northern Ireland to secure the best deal.
Best Life Insurance for Parents in Northern Ireland & the UK
The best life insurance for a parent in Northern Ireland will depend on your personal situation and the areas of your life that you want to safeguard.
The amount of risk you present to the insurer is a major factor in determining how much your monthly life insurance premiums will cost.
This considers the following key elements:
- Age
- Current health
- Medical history
- Smoking status
- Amount of cover (pay out amount)
- Type of policy cover
- Each type of life insurance is best suited to protecting certain aspects of your life.
The ideal life insurance policy in Northern Ireland for you will therefore be one that fits within your budget and provides the level of life protection you need.
The good news is that you have a variety of life insurance options at your disposal with Life Expert.
Best Term Life Insurance for New Parents in Northern Ireland & the UK
- Cheap monthly life insurance premiums.
- Provides a cash lump sum payout.
- Sum assured up to £1,000,000.
- Decreasing term & level term life insurance options
For new parents, term-based life insurance in Northern Ireland & the UK is the most popular option.
A payout will be provided to your loved ones if you pass away during the coverage’s predetermined term. Level and decreasing term are the two varieties of term life insurance in Northern Ireland & the UK.
Level term life insurance in NI & the UK offers a predetermined lump sum payment, making it the perfect choice for protecting assets with a constant value. For instance, a mortgage with an interest-only payment, an inheritance, or regular expenses like childcare.
On the other hand, decreasing term life insurance in NI & the UK offers a lump sum payout whose value decreases over the course of the life insurance policy’s term. As a result, it works best to pay for expenses that decrease over time, such as mortgage repayment.
At Life Expert, we provide free life insurance quotes in Northern Ireland & the UK for a range of level & decreasing term life insurance policies, helping you secure the policy that best fits your needs and budget.
Family Income Benefit Insurance in Northern Ireland & the UK
- Tax-free monthly income.
- Cheap monthly premiums.
- Pays up to £5000 per month.
- Helps with long-term family budgeting.
Family income benefit insurance in Northern Ireland gives your family a constant, tax-free income as opposed to term life insurance, which pays out in a flat sum.
The coverage is in effect for a predetermined length of time, and if you die during that time, your family will start receiving regular payments until the term was up. Therefore, this kind of life insurance is perfect for restoring lost income and taking care of living expenses.
To fully safeguard your family, it’s possible that you may benefit from obtaining both a term life insurance policy and a family income benefit policy in Northern Ireland.
Due to the decreasing risk to the insurer over time, family income benefits in Northern Ireland are frequently among the most affordable types of life insurance in NI & the UK.
As with life insurance, it also does away with the necessity for lengthy budgeting and challenging investment choices.
Joint Life Insurance for Parents in Northern Ireland & the UK
- Covers two lives simultaneously.
- Saves on average 25% (compared with two single life insurance policies).
- Only provides one payout.
- Normally pays out on the first death.
When compared to two separate life insurance policies in Northern Ireland, joint life insurance typically saves 25% while simultaneously protecting two lives.
As a result, young parents frequently choose it. The other parent will receive a payout in the event of one parent’s death, which can be used to provide for your family.
However, the coverage expires after the first passing, leaving the surviving partner exposed and forced to secure life insurance when they are older.
If your budget allows, it could be advisable to choose a single life insurance policy because it’s likely that cover will still be needed to protect your kids. Two single life insurance policies in Northern Ireland & the UK might yield two different payouts, providing conceivably twice the coverage.
Free Life Insurance for New Parents in Northern Ireland & the UK
Recently, a number of insurers on the market started providing parents with free life insurance in Northern Ireland & the UK. Cover protects each parent for an average of £10,000 for the first year of their child’s existence.
Although it can seem like a lot, £10,000 is probably not enough to maintain your family in the worst case scenario.
It is simple to understand how quickly this £10,000 would disappear when bills like mortgages, debts, childcare, and living expenses are considered.
Therefore, it may be better to acquire ordinary life insurance in Northern Ireland & the UK with a large enough sum assured so that your family receives the exact amount of coverage needed.
Life Insurance for Stay-at-Home Parents in Northern Ireland & the UK
Many people believe that only people with salaries who are working parents need life insurance in Northern Ireland & the UK. The remaining parent would probably encounter numerous difficulties if a two-parent family suddenly became a one-parent one.
Problems like having to cut back on their working hours to care for the kids or paying high childcare costs as an alternative. Consider all the unpaid jobs a parent who stays at home does, teacher, taxi driver, cook, maid, doctor, childminder, etc.
Then consider the monetary and practical repercussions of their absence. It could be advantageous for both parents to get life insurance in Northern Ireland & the UK because of this.
To discuss your needs and get the right life insurance for you, get in touch with our experts at Life Expert for the most suitable life insurance policy that meets your budget.
Best Life Insurance for Single Parents in Northern Ireland & the UK
You are most likely your child’s only source of financial assistance if you are a single parent. Life insurance in NI & the UK is typically necessary as a result.
As a single parent, your children would be without your emotional or financial support if you passed away. Arranging a single life insurance policy or a single parent life insurance policy is the same thing.
Establish what you want to protect, how much coverage you require, and how long you require it for. For the length of the life insurance policy, you will continue to pay premiums, and if you die before the end of the term, your beneficiaries will be paid.
We are aware that having a single income can make your budget more constrained, but at Life Expert, we provide free life insurance quotes in Northern Ireland & the UK that is most suitable for you based on your personal circumstances and within your budget.
Life Insurance for Young Parents in Northern Ireland & the UK
It’s not unusual for people as young as 16 to become parents. Unfortunately, this also means that even at this young age, you are financially responsible for another person.
Even at this young age, your child would be financially exposed if the worst happened to you. Please be aware that only people who are 18 or older may purchase life insurance.
The ideal moment to get life insurance coverage in Northern Ireland & the UK is when you are a young age.
With low premiums due to your youth and presumably good health, you can obtain coverage until your dependents are self-sufficient for just very affordable life insurance premiums in Northern Ireland & the UK.
FAMILIES PROTECTED
Compare Life Insurance Quotes for Parents in Northern Ireland & the UK
You might be shocked to hear that premium costs can vary greatly since insurers use various underwriting standards. We will advise you on how much cover you should have and what you should be protected for. Whether you’re a first-time parent or a seasoned one in order to get the most suitable life insurance policy based on your needs in Northern Ireland & the UK.
Life Expert is the best insurance broker to use to get free life insurance quotes in Northern Ireland & the UK. To find the most suitable life insurance policy, we’ll compare rates from our panel of insurers.
Furthermore, there are no additional fees associated with using our advised service.
Therefore, why not set us to work right away if you’re a parent without life insurance protection in Northern Ireland & the UK?