Guide
Life insurance for parents explained
Becoming a parent is an exciting time which comes with many responsibilities. With so many things to think about and new things to learn, life insurance might not be top of your 'to do' list. But, it is worth considering.
If anything happened to you, a life insurance policy would mean that any dependents would be supported. Dependents meaning your child, children or those you are legally responsible for.
This guide to life insurance for mums and dads will give you an overview of what cover is available and how it works.
Do you need life insurance when you have kids?
You don’t have to get life insurance when you have kids, but it can be very helpful. If something happens to you, your family could get a lump sum of money or monthly payments from the insurance company. This money can help with things like:
- Housing: The insurance can help pay your mortgage, rent, and bills.
- Educations costs: It can cover school or university fees for your kids.
- Childcare: Many life insurance policies would pay out for childcare, nurseries and nannies
- Income: The policy could provide support to loved ones with a monthly income.
Learn more: Is it worth having life insurance?
When should parents get life insurance?
Unfortunately, illness and accidents can happen at any time. If life insurance is right for you, buying it sooner rather than later is worth it. This is because premiums tend to cost less the younger you are.
It's also good to know that you can get life insurance when pregnant - so you don't have to wait until you've given birth.
That said, you can get life insurance for parents at any time - sometimes people only choose to get cover later in life.
Can I get life insurance when pregnant?
Yes. If this is your first pregnancy, you may not have thought about getting life insurance for mums and dads before. Or, if you already have life insurance, now is a good time to let your insurer know that your household is growing.
Applying for life insurance while pregnant is no different to applying at any other time. It should not cost any more than if you were not pregnant. Medical problems related to your pregnancy may affect this.
Do I need to tell my life insurance provider I'm pregnant?
You do not need to tell your existing life insurer. However, as your household will soon be getting bigger, this may affect the amount of cover you need. So, you may want to consider contacting them to increase or change your cover.
How much life cover do I need as a parent?
Everyone's needs are different. The amount of life insurance for dads and mums that you take out depends on your circumstances.
Here are some of the top things to consider when choosing life insurance:
- Life insurance for single mums and dads: If you are the sole provider, you may want to take out more comprehensive insurance
- Your personal finances: People with larger debts or no savings may choose to take out a more comprehensive level of cover
- Lifestyle: How much would your loved ones need to maintain their current lifestyle?
Life insurance for single mums and dads
Single parent life insurance gives you the peace of mind. The insurance company would provide your children with financial help after you are gone. This could mean that:
- Loved ones would receive income: If your children were cared for by relatives, they would receive money for their living costs.
- Available when they grow up: You might choose to provide a lump sum when they turn 18.
- Support if cared for by the state/adoption: single parent life insurance would provide them with regular payments.
Vitality life insurance
Want to know more about life insurance or thinking about taking out a policy? Here are some of the benefits of taking out life insurance with Vitality:
- A brand you can trust - In 2023, we paid out 99.7% of life insurance claims.*
- Get a lower monthly premium upfront when you add Optimiser to your plan. Keep your premiums low when you stay active.
- Access to Vitality partner discounts and rewards.
- Get free no-obligation advice. Our advisers offer expert advice to help you make the right decisions.
Last updated: 9 January 2025
*Vitality Claims and Benefits Report, 2024
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