Rates last updated: 17 October 2021
Mums, have you considered taking out life insurance to help your children financially if you pass away before they are old enough to look after themselves?
Life insurance for mums need not be expensive and will provide you with peace of mind that if you were to die early then your children would be able to continue their education and not be a financial burden on the adults that have said they would help bring them up in your absence.
The ready reckoner below shows that for life insurance that lasts 20 years the costs are much less than you might think.
In the end there’s no substitute for getting a personalised quote from a leading life insurance comparison
website.Mums Life Insurance Comparison For Cover Over 20 Years
|Mums Life Cover||Age 20||Age 25||Age 30||Age 35||Age 40||Age 45||Age 50|
Non-Smoker Monthly Premiums - Last Updated: 17 October 2021 (Source: PayingTooMuch.com)
How Much Life Insurance Should Mums Buy?
Term life insurance is usually bought to providing financial protection for children if a parent dies. This is the cheapest and simplest form of life cover and means that should a death occur during the fixed term of years the life cover pays out. If death occurs after the term has expired then nothing is paid as the cover has finished. Whole of life assurance will provide lifetime protection but is more expensive.
The amount and term of cover you buy is entirely up to you, there is no prescribed formula that works for everyone.
Perhaps the most important consideration is that you can afford the premium now and are likely to remain able to afford the premium whilst your children grow up into adults.
Then consider who else is in the family that would provide financial support as well as emotional support and time to help your children.
How Long To Buy Life Insurance For?
Finally how long the cover lasts depends again on your thoughts around further education, university education usually lasts 4 years in Scotland and around whether a small legacy to help buy a home might be appropriate too.
In the end it’s up to you as a parent to decide what’s appropriate, but simply doing nothing and not even considering what would happen in the worst of circumstances is not good parenting or in fact economic given the really low prices for this type of cover.