Last updated on March 27th, 2022 at 02:36 pm
You might have seen adverts talking about the importance of life insurance for mums, and passed them by.
Maybe you thought it’s something you’ll sort out later, or maybe it’s just an extra monthly expense you think you can’t afford?
I’m going to tell you exactly why you need to get life insurance now, not later, and how you can make sure it’s affordable.
Why Life Insurance for Single Mums is Especially Important
When you’re a single parent, often you’re the main pillar and caregiver in your childrens lives.
While the loss of a parent is always awful, the loss of a single parent is often extremely emotionally impactful on children who really saw that parent as their lifeline and their everything.
Children or even adults who are left behind by the departure of a single parent might find it harder to cope. Their grief could be more likely to affect their school performance. Or they could struggle with depression and be unable to work for a period of time.
Its also more likely that single parents might have less assets or equity in the form of property. That means a lack of inheritance for children of single parent families.
Therefore a good life insurance plan is going to be imperative to ensuring their security after you’re gone.
A parent of children under 18 dies every 22 minutes in the UK; around 23,600 a year. This equates to around 111 children being bereaved of a parent every day. 1 in 29 5-16-year-olds has been bereaved of a parent – that’s a child in every average class.
UK death & bereavement statistics | Child Bereavement UK
Why Time is of the Essence
I’ve done the maths, and the truth is that you’ll truly be making significant savings if you buy your insurance cover now, not later.
With many companies offering a fixed price that won’t change for the duration of your policy, its best to get on it soon.
A mum in her 30’s could be paying DOUBLE what a mum in her 20’s would pay weekly for their life cover.
The Best Life Insurance Brokers for Families
Rather than buying your insurance direct, you might want to use the expertise of an insurance broker to ensure you get the best deal. Here are my top recommendations;
1. Caspian Insurance
- My number 1 choice, Caspian Insurance, specialise in helping families protect their financial futures. They have amazingly friendly and helpful advisors, and with an excellent rating on TrustPilot, Caspian promise top-level customer service every step of the way. It’s so important to have approachable staff provide their expert advice for something as important as life insurance cover.
They work with some of the UK’s most trusted insurance providers such as Aegon, AIG, Aviva, Legal & General, Royal London and Scottish Widows. Countless families have come to them to take away the worries of the unexpected and secure the financial future of the next generation. Get a free quote today. - Lifesearch.co.uk offer handy advice guides if you need some extra information on life insurance or critical illness cover. Answer all your questions first before choosing the right cover for you.
- Johnwippy.co.uk will offer you impartial advice during your search for the right life cover. You’ll get a personal service as you navigate the journey from quote to cover.
Managing the Affordability of Life Insurance
As a single parent, I myself have felt the intense pressure of worrying about what might happen if my son was left without me. I also feel the financial pressures of every day life!
Raising a child alone means not always having an abundance of money to spend. Which can be the reason that many decide not to add another monthly payment such as life insurance to the list.
However, the first thing to do is to shift your priorities. The reality of leaving a child behind without financial support if the worst should happen, would be devastating. In my opinion, it’s just not worth the risk.
Saving money in other areas of life in order to pay for your insurance premiums is a good idea. It’s possible to get a decent amount of cover for less than £20 a month. And that’s a figure that could be whittled down to even less depending on your needs. To save around £20 a month you could;
- Sell unwanted items from your home regularly
- Switch your bills to cheaper options
- Spend less on unhealthy habits like takeaways and fast food!
More Smart Financial Moves for Parents
Life insurance for mums is the first step, but what else should you think about?
If you want to be financially savvy and have all your ducks in a row, always – not just at the last minute! You might also want to consider writing your will.
Just as with life insurance, it can be something we think isn’t a pressing issue. Maybe when you think of will’s, you think of old age. And of course! That’s what we all want and the majority of us will have, a long and happy life.
However, there is no harm in being prepared and organised in anticipation of the unexpected.
When Life Takes Twists and Turns
Disability and Critical Illness Insurance is something that you should also consider when taking out your life insurance.
Many more people in life will unfortunately experience illness or events that cause disability – affecting their ability to have an income. And yet insurance for this can often be overlooked. Don’t be caught out!
Ask about Critical Illness or Disability cover while you are getting your life insurance quote.
This amazing blog post from a sucessful working mum explains the benefits of income protection! WHY INCOME PROTECTION IS IMPORTANT FOR PARENTS
Thanks so much for reading this article on the importance of life insurance for mums! Hopefully you’ve learned, or been reminded of some important financial aspects of parenting! It’s serious stuff, but all worth it when the unimaginable happens and everything necessary is already in place to soften the blow. Protect your loved ones and get your life insurance quotes today!
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