Find out which life insurance policy is right for you as we explore the best options for mums.
Life insurance for mums is detrimental. Not only will it give you peace of mind that your little ones will be protected financially in even the worst of circumstances; it will also allow you to spend more time focusing on their wellbeing and simply having fun and enjoying your time with them. But, what is the best life insurance for mums?
In this guide, we take a look at the different types of life insurance for mums and which is best for a range of individual scenarios. Scroll on to learn more.
Which Life Insurance is Best for Mums?
In short, the best life insurance for mums depends on the individual mum’s personal circumstance. Whether you’re a working mum, a single mum, a stay-at-home mum or a new mum, there’s a life insurance policy out there for you. So, which one should you choose? Here’s a few things to think about before making that big decision.
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 can be as simple as equipment, uniforms, and books or as pricey as a private education.
- Childcare costs include 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.
As a new mum, you’ll be experiencing a lot of firsts. Along with changing nappies and adjusting to broken sleep patterns, you’ll be looking at the best life insurance options for new mums.
The best life insurance for mums who have only just had their baby will be based on their personal circumstances before deciding which life insurance is best. Think about the things outlined above first.
As a single mum, you may be solely financially responsible for your child. The best life insurance for mums who are single is the one that acts as a financial safety net. Choose the option that will allow your children to grieve in their own time while supporting them financially to minimise the upheaval.
A life insurance policy that provides a lump sum could allow your little ones to stay in their family home. Nothing replaces a mother. But, an insurance pay-out can make sure that they’re set for life.
Young mums will need to think about affordability when it comes to choosing the best life insurance policy. How much can you realistically afford to pay on a monthly insurance premium? Compare your options and consider which is the most viable. The best life insurance for mums who are young will be based on their budget and personal needs.
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.
Mummy Insurance offers Over 50s Life Insurance which is a great policy if you suffer with medical conditions. Mummy Insurance makes it easy to get the best life insurance for mums in the UK.
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 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 mums who work 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.
The best life insurance 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.
Other Insurance Options for Mums to Consider
- 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 for Mums: 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.
Why Mums Choose Mummy Insurance
- Dedication: Mummy insurance is dedicated to delivering the level of protection demanded by mums UK-wide.
- Trusted Insurance Provider: Mummy Insurance is currently trusted by more than 2500 families in the UK. And that number continues to grow on a daily basis.
- Charitable Brand: Mummy Insurance donates £2 to Children In Need for each and every quote received.
- Welcome Gift: Get a welcome voucher worth up to £100 when you purchase a new policy.
- Personalised Quotes: We tailor each quote to the individual circumstances and needs of mums looking for the right life insurance policy.
Mums can compare the best life insurance for mums with Mummy Insurance. Mummy Insurance provides free quotes tailored to mums across the UK. Mummy Insurance offers all types of personal protection for mums across the UK. The best life insurance for mums, made easy with Mummy Insurance.
